The last thing a business that sells or finances automobiles likes to see is a severely delinquent borrower. After all, delinquent borrowers are a liability. They drain a business’s profits, and they make it tougher for future borrowers to get the best deal.
In part one of our series, we discussed the disturbing rise of vehicle repossessions. With car manufactures stepping up vehicle production since the recession, and lenders continuing to look for ways to expand their customer base, repossession headaches are likely to continue for the foreseeable future. It’s imperative then that dealers and lenders find ways to lower their repossession rates without cutting off new business.
The use of GPS vehicle tracking systems are a safe, easy way for businesses to keep an eye on negligent borrowers.
The level of sophistication of today’s GPS vehicle tracking devices allows a business to discreetly track its assets 24/7, without the threat of detection or removal. All of a company’s vehicles can now be tracked in real-time with minimal effort.
The security of knowing when and where a delinquent vehicle is being driven completely eliminates the need for a dealer or lender to spend costly hours tracking and locating a particular vehicle. Lowering the costs of labor, collections, and repossessions all help a business achieve higher net profits.
Companies with higher risk borrowers can take things a step further. In addition to locating vehicles for recovery, certain GPS vehicle tracking systems can also send alerts to borrowers when they are behind on their payments. There are even devices that can disable a vehicle’s starter due to delinquency! Once payment has been made, the device then allows the driver to re-start the vehicle.
Whatever specific needs dealers and lenders require, with the right GPS vehicle tracking system they can rest easy knowing that their assets are secure and their businesses protected.
Check out Spireon’s dealer and lender GPS vehicle tracking devices – LoanPlus CMS and GoldStar GPS