A GPS tracking solution can be a great tool for your business. Unfortunately, two harsh realities are also affecting today’s Buy-Here Pay-Here used vehicle dealers: their customers’ ability to repay their loan and the end of their vehicle use.
Repay Customer’s Capability
First, stressed economic times have created a whole new market for potential customers with poor credit scores. Predicting who will make their car payments and who will default is a difficult science.
Terminating Vehicle Use
The Buy Here-Pay Here dealer also has to fulfill many of those functions that banks or finance companies used in order to collect a customer’s payments. But the dealer retains ownership of the vehicle. Consumers who neglect to pay utility bills or phone bills will have their service terminated. This is a widely known fact and requires that they pay them promptly. A good tool to encourage compliance is to immediately terminate the use or a vehicle.
GPS Tracking – Benefits
In the past enforcement focused on the collection of the vehicle and the long and costly efforts to locate the vehicle. GPS (Global Positioning System), satellite technology offers more reliable and timely alternatives to the Buy Here-Pay Here dealer.
1. Satellite Tracking Available in Real Time
A plug-in GPS tracking device allows real-time satellite tracking for each vehicle you finance. The vehicle’s exact location and address are shown on a map. Satellite photos can also be accessed through an internet website. If the car is moving, the exact street block, speed, direction and travel direction are indicated on the map. Many GPS trackers’ Stop Track feature keeps an ongoing record of where the vehicle stops over 30 minutes. This provides a detailed record of the vehicle’s daily activities and destinations. It is useful in the event that a recovery needs to be done.
2. Expedited vehicle repossession
You can now get your repossession done quickly. As the tedious search-and tow process becomes shorter, you can drive to an address and retrieve the vehicle that has been located by the GPS tracker. Same-day repossessions are possible. Many repo outfits offer a discount for Buy Here-Pay Here dealers that use GPS tracking. It streamlines their process and reduces the cost to tow truck gas.
3. Starter Disable Feature
Starter Disable allows you to play hardball. The GPS tracking system website allows you to disable the engine of your vehicle electronically if the customer is not responsive to the electronic reminder. This disables the vehicle’s starter and places it in motion to immobilize it. It is possible to recover the vehicle immediately by looking at the online map.