Chicago, IL – 26 June 2020 – The repossession and auto lending world were dealt another critical blow as Illinois Governor, JB Pritzker, has declared an extension to his gubernatorial disaster proclamation to all counties in the State of Illinois.
In Executive Order 2020-44 (COVID-19 Executive Order no. 42, page 3, paragraph 3, it states that the executive order is reissued in it’s entirety until July 26, 2020.
On the bright side, they have suspended the requirement of classroom training for security services and fingerprint vendors along with it.
For repossession agencies lucky enough to survive this new extension of the moratorium, there should be a major backlog of aging repossession cases as well as a large influx of new defaults as loan extensions granted at the onset in April expire.
Unfortunately, with the reported rising numbers of new COVID-19 cases around the nation, it is possible that we may see further extensions in states at or reaching the end of their existing moratoriums. Furthermore, as counties and states slam the brakes, and in some cases, reverse course on reopening schedules, we may see the misery continue.
Illinois Extends Repossession Moratorium, again! – Illinois Extends Repossession Moratorium, again! – Illinois Extends Repossession Moratorium, again! –
Repossession History – Repossess – Repossession – Repossession Agency – Repossessor
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