Uber, Lyft and Your Rising Loan Risk
Thursday, February 25th | 2:00 p.m. EST
Transportation Networking Companies (TNC's) such as Uber and Lyft have taken the U.S. by storm in recent years. In 2015 Uber had over 160,000 active drivers within the U.S., giving over 1,000,000 rides each day. In 2014 Lyft had 51,000 drivers issuing over 2,200,000 rides each month.
What many TNC's drivers don't realize is that their personal auto policies exclude coverage for any losses sustained while the vehicle is being used for transporting people or goods for a fee. So how does this impact your financial institution? It is simple — more uninsured drivers leads to more physical damage losses, which leads to increased delinquencies and charge-offs for auto loans provided by your organization.
This webinar, co-hosted by CUNA Mutual Group and State National, will review key items that every financial institution must be aware when it comes to this topic including:
- What defines a Transportation Network Company such as Uber and Lyft?
- Why is there an emerging risk to your auto loan portfolios as a result of TNC drivers?
- What are some options your financial institution can take to plan accordingly and mitigate that risk?