LONG BEACH, Calif.–Credit unions here were warned there is a risk management issue on the horizon for many: bad car loans.
Pete Hilger, CEO of Allied Solutions, which offers repossession services to CUs among other solutions, told NAFCU’s annual conference here he expects to see a surge in keys being turned in—whether voluntarily or involuntarily.
“Allied Solutions at some point this year will handle 90,000 repossessions in a single month,” Hilger said. “Your members and potential members are struggling to make car payments. You have a huge challenge in risk management. Many of the management services you have used do not exist anymore, and whether you like to believe it or not, each and every one of you individually as organizations are small players in the marketplace.
“If you don’t join together and leverage some of the tools I’m going to talk to you about today, you’re going to struggle to mitigate the risk,” he added.
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