3 Best Practices for Training Debt Collectors

Auto loan delinquency rates are at the highest level since the 2007 financial crisis, which is why auto lenders are investing more time in debt collection best practices. As such, refining and bolstering training for debt collectors has become increasingly important. Auto Finance News spoke with a few experts in the field about tips for training […]
  • Huixin Deng
  • August 22, 2017

8 Tips for Improving Collection Practices

Delinquencies continue to climb to levels unseen since the financial crisis, which is why many lenders are focused on improving collections practices and bolstering their loss mitigation strategies. Auto Finance News spoke with four collections experts to pinpoint best practices and optimal strategies for mitigating losses and improving collections. Here are eight tips for improving […]
  • Huixin Deng
  • August 16, 2017

Collect More, Spend Less: An ROI Guide to Collecting Through Digital Channels [SPONSORED]

If your collections strategy is limited to predictive dialing, you could be wasting $4 to $7 on each contact — and it’s not just because people are hanging up or not answering. Predictive dialers alone fail big because 93% of consumers prefer alternative channels such as email and text. By using more sophisticated, intelligent, and […]
  • Nuance
  • August 16, 2017

Pelican Shores Up Recoveries, Collections

Pelican Auto Finance LLC is bolstering its collection and recovery strategies this year by partnering with Digital Recognition Network and Payix, Chris Mitcham, the lender’s senior vice president of servicing and analytics, told Auto Finance News. The subprime lender has been able to save around 15% per month on impound and storage fees as well […]
  • Emma Sandler
  • August 10, 2017

Report Claims Santander Policies Limit Collectors’ Ability to Help Borrowers

Pro-union groups published a 25-page report this week featuring interviews with a series of current and former Santander Consumer USA employees, claiming that automated call-evaluation practices at SC’s collection centers restrict and limit the time agents have to help delinquent borrowers. One current customer service employee at Santander, who agreed to speak with Auto Finance […]
  • William Hoffman
  • July 31, 2017

Employees Claim Santander’s ‘Stressful’ Workplace Harms Borrowers

Pro-union groups are claiming Santander Consumer USA collections agents work under a high-stress environment, which is overly reliant on computer software that often inaccurately analyzes tone of voice, ranks employees based on “artificial” performance metrics, and makes it harder to assist financially distressed borrowers, according to a recently published paper. Santander disputes the framing of […]
  • William Hoffman
  • July 26, 2017

Prompt Collection Calls Lower Delinquencies at Florida CU

Space Coast Credit Union made a “quick” shift in its collections strategy, after starting off the year with an uptick in delinquencies, Gary Prager, vice president of consumer sales and investment services, told AFN. The Palm Coast, Fla.-based credit union took note of increasing delinquencies industry-wide, Prager said, and when it started to see the […]
  • William Hoffman
  • July 12, 2017

USAA Emphasizes Education To Prevent Delinquencies

While a number of lenders are revamping their collections and repossession practices to adapt to a new regulatory environment, USAA Federal Savings Bank is focusing on a range of educational tools to keep members in their vehicles. “We’re very purposeful in guiding [consumers] and helping get them into the right type of loan, so we […]
  • William Hoffman
  • May 3, 2017

Pelican Alters Charge-Off Practices

Regulatory attention on repossession and collection processes has encouraged Pelican Auto Finance LLC to charge off delinquent assets later in the lifespan of deteriorating loans, said Chief Performance and Compliance Officer Joel Kennedy. The industrywide threat of regulatory enforcement from the Consumer Financial Protection Bureau and the Federal Trade Commission also prompted Pelican to restrict […]
  • William Hoffman
  • April 17, 2017

Four ‘Must-Do’ Digital Collections Strategies, Get the Guide [SPONSORED]

Chasing past due bills is hard. But by leveraging the smartphone – a device that lies in the pocket of nearly every consumer – auto finance companies can improve their collections strategy and reach customers on their preferred channels, driving costs down and improving cure rates. As a collections professional, what are the best ways […]
  • Nuance
  • March 31, 2017
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