As the American population continues its transition of the largest living adult generation from Baby Boomers to Millennials, many statistical differences between the two groups are coming to light. One particularly relevant aspect is the financial impact of the pandemic. A volatile housing market and increasing personal debts are creating a perfect storm for probate estates.
Lenders are coming face to face with the ever-growing need for a strategy for effective specialty recoveries, and no two auto lenders are alike. Auto portfolios have unique complexities and process dependencies that cannot be solved with simple adjustments.
The final version of the original U.S. Uniform Probate Code (UPC) was enacted in 1969, when a gallon of gas cost $0.35 and you could buy a new house for the price of your current car. While probate law has been revised over time, the vast diversity of the 3,415 state probate courts has left an entangled web of various court rules and restrictions, some of which date back to the original UPC.