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Auto loan delinquencies have been on the rise across the country for some time now and credit unions are feeling the pain. LendingTree cited the New York Fed’s data showing that 4.4% of outstanding auto debt was at least 90 days late in the second quarter of 2024, according to the New York Fed, up 16.0% from the second quarter of 2023.
Auto loan delinquencies are on the rise in several markets, leaving many lenders concerned about their portfolios. Yet, as CU Today reports, delinquencies aren’t climbing everywhere. Some cities are doing better than others.
The reality is that anyone can fall behind and even in the strongest markets, some borrowers struggle to stay current. The key for lenders, including credit unions, is to be prepared—having a plan in place to help borrowers regain their footing is crucial to mitigating losses and fostering trust.
Sometimes, helping borrowers means more than just offering payment extensions or restructuring loans—it means meeting them where they are, and that’s where risk outsourcing comes into play.
The Importance of a Proactive Approach
Even in stable markets, life events can disrupt a borrower’s ability to make timely payments. Job losses, medical emergencies, or other unforeseen expenses can make it difficult for even the most responsible borrowers to stay on track. When a borrower begins to slip into delinquency, quick action is critical.
Lenders that have a well-defined process for managing delinquencies—one that includes personalized outreach—are far better positioned to help borrowers before they enter full default.
At NCCI Services, we specialize in this type of borrower engagement. Our national network of trained field service professionals can provide a unique, personalized approach to loss mitigation at an affordable cost.
Building this kind of outreach into your written plan of action for supporting borrowers who fall behind adds power to your plan and increases your odds of getting borrowers back on track.
Why Face-to-Face Interaction Makes a Difference
Most borrower communication happens online or via phone. Every lender knows that as soon as the borrower gets behind, they close the door on traditional communication channels. When borrowers stop responding, there’s an alternative that still holds great power: face-to-face contact.
Many lenders have found that sending a field professional to knock on a borrower’s door and hand-deliver a workout plan can reignite communication and build trust in a way that remote methods can’t.
A well-trained field service team can present options to borrowers clearly and empathetically, encouraging them to take the first step toward resolving their situation. This personalized touch often leads to better borrower engagement and a higher likelihood of getting back on track.
For lenders, outsourcing these services to a specialized provider like NCCI Services can streamline the process and increase the effectiveness of borrower outreach. Our professionals are trained to handle delicate financial situations, making them more successful at reestablishing communication and offering tailored solutions that work for both the borrower and the lender.
By hand-delivering workout plans, risk outsourcers create an immediate connection, conveying to borrowers that their lender is invested in finding a solution.
This can be the difference between a borrower slipping into default and one who is motivated to catch up on payments.
If you’re ready to update your plan for helping delinquent borrowers, reach out to us today. We have best practices to share that come from years of experience that will increase your chances of success with every borrower who falls behind.
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