What do Auto Loans have to do with Contact Centers? Quite a bit, as it turns out. Bloomberg Intelligence recently highlighted new data from CarEdge showing that 39% of vehicles financed since 2022 carry negative equity. That figure is a staggering 46% for EVs. As a result, the percentage of auto loans delinquent 60 days or more is at the highest level in almost 30 years.
“Negative equity”, “under water”, “upside down” are various ways the industry refers to these auto loans, but however you call it, it’s clear more and more borrowers are experiencing financial distress.
How do Contact Centers fit into this picture?
The modern Contact Center is based in the cloud, not on-premise, and provides lenders with multiple communications channels, sophisticated call routing, and a full suite of analytic reports.
Giving agents the tools to connect with their borrowers, through any channel they prefer, with maximum visibility of the loan throughout the organization, is the most effective way to keep customers current and maintain cash flow.
As any experienced receivables manager will tell you, lenders who work with and stay in front of the borrower are first in line to be paid. Let’s have a conversation on how to optimize your collection efforts through a cloud-based Contact Center. Reach out to us. Palmer Telecom.(410) 834-8111, info@palmertelecom.com.
