IN 2020 ALONE, PMCU ESTIMATES IT SAVED 62%!
DRN Success Story
Partnership History: Premier Members Credit Union, based in Boulder, Colorado, began its partnership with DRN in 2017 after hearing success stories from other lenders. DRN’s Location Alerts tool quickly became an important piece in PMCU’s vehicle repossession process and one they relied on heavily as they expanded into other states. Since then, use of Location Alerts – part of DRN’s comprehensive DRNsights platform – has enabled PMCU to gain speed, efficiency and accuracy when submitting vehicles for repossession. In fact, in 2020 alone, PMCU estimates it saved 62% – more than $500,000 – in potential charge-offs.
“Location Alerts has been an exceptional tool for us when submitting vehicles for repo. It’s been a saving grace as there’s real power in data and in not having to rely on our agents to provide it for us.” ANDREW VILLARREAL, AVP COLLECTIONS, PREMIER MEMBERS CREDIT UNION
Challenge: Amid the COVID-19 pandemic, federal and state moratoriums and general business shutdowns halted repossessions over the course of several months. This created a backlog of repossessions once those activities could restart. PMCU found itself with 120+ accounts that needed quick attention after being on hold, in addition to new accounts coming up for repossession on a frequent basis.
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