With consumers facing layoffs and the loss of income, it’s an uncertain time for credit unions offering auto loans. However, the need for transportation is great and unexpectedly healthy for consumers from a mental health perspective. With PassTime, credit unions may feel better about taking on loans and knowing they can locate their vehicles if necessary.
Vehicle subscription provider Fair recently announced the surprising results of a new online consumer survey conducted by Researchscape revealing Americans’ viewpoints on transportation preferences and habits during the COVID-19 pandemic. The data shows that while 10% of Americans don’t feel safe in any mode of transportation right now, 80% feel safe while in cars.
In addition, nearly three in four Americans surveyed reported using their car as a mental health escape while in quarantine.
PassTime technology is built on the philosophy that successfully recovering a vehicle is good, but having a member continue to pay on their auto loan is even better.
PassTime is the industry leader in high-tech GPS tracking and automated collection technology solutions for auto financing. This technology will provide credit unions with a greater ability to grow more members with added protection, improve member payment performance, and reduce delinquency rates. It also provides the tools to increase originations without increasing staff. PassTime GPS technology helps ensure accounts stay current and can help rate opportunities to cross-sell to a more loyal borrower.
More importantly, PassTime offers the technology to help a credit union effectively offer auto loans to consumers who need a vehicle the most.
Learn more here.