Utilization of Impound Services – Survey of Lender Practices
Sponsored by: LinkedIn Group “Lenders Repossession Best Practices Forum”
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We asked over 3000 auto finance and lending professionals to participate in a quick survey about impound services and how it’s used for repossessions. We’ve complied the results and hope you find it very interesting. The responses are segmented by institution type to provide you with the best viewing experience.
To summarize some of the results from the flash poll, 50% of banks and captives don’t pursue damage claims on repossessed vehicles while the majority of independent finance companies and credit unions do. Another interesting data point is that 100% of all lenders, regardless of institution type, do not monitor transactions in situations where their lien is lost and the vehicle has been sold to determine if there were excess proceeds generated from the sale.