Social media memes and motivational merchandise are everywhere nowadays in business, sports and beyond with the simple phrase: Do your job.

Vervent reiterated this week that the payment servicing company is doing that as it’s been roughly three weeks after the Tricolor Holdings Chapter 7 bankruptcy filing. Vervent said it has assumed successor servicing responsibilities for the majority of Tricolor Holdings’ approximate 100,000 subprime auto loans.

“With the company’s robust payment infrastructure, all consumer payments have been processed without interruption since day one,” the company said in a news release.

Before the Tricolor Holdings collapse, Vervent was designated as backup servicer by client lenders and investors, a role designed to protect consumers and investors in the event of servicer or loan originator failure.

Vervent also reiterated it was not involved in Tricolor Holdings’ originating practices or servicing operations prior to the collapse, which has caused widespread impact.

On Friday, Fifth Third Bank shared its third-quarter financial statement, which indicated its net charge-offs totaled $339 million in Q3, up $200 million from the prior quarter. Fifth Third said those Q3 net charge-offs included $178 million “related to the impairment of an asset-backed finance commercial credit,” which is widely believed to be associated with Tricolor.

Following the Sept. 19 bankruptcy trustee court ruling, Vervent said it was authorized to assume servicing duties to provide continuity for impacted borrowers.

“Our focus is on stabilizing operations and supporting borrowers who have been caught in a difficult situation,” Vervent CEO David Johnson said in the news release. “As of October 1, we onboarded borrower data and are handling account management.

“Call volumes remain elevated as consumers work through legitimate questions and concerns about their loans and vehicle titles. We’re addressing each consumer with the seriousness it deserves,” Johnson continued.

Vervent said it is focused on maintaining continuity for borrowers, complying with bankruptcy trustee rulings, and cooperating with all agencies throughout their investigation.

As successor servicer, Vervent’s responsibilities include managing loan payments and account servicing, securing and transferring funds, assisting customers with loan payoffs, payment plans and insurance claims, and working with regulatory agencies to ensure compliance with all laws, rules, and regulations.

“It is important for consumers to be aware that all loan terms and payment obligations remain unchanged. Borrowers will receive updates as the bankruptcy process continues,” Vervent said.

Vervent added that the Tricolor situation underscores why capital markets services such as backup servicing, secure eVaults, and collateral and liquidation agent capabilities exist in structured finance.

The company said these safeguards are designed to protect consumers and investors when servicers or originators fail, providing a mechanism for portfolio continuity even in cases of significant operational breakdown.

“This situation highlights why having an experienced and capable backup servicer is so critical,” Johnson said. “Vervent was purpose-built for moments like this. Our infrastructure, protocols, and team are designed to respond quickly and effectively to servicing transitions, especially in distressed or high-stakes environments.”