Used Car GPS Tracking For Subprime Automotive Dealers

Used Car GPS tracking systems have recently been very significant in the Buy Here Pay Here automotive markets in the United States after a very long period of declining sales. The GPS tracking system enables the lenders and dealership to track down the movement, location, and status of the collateral vehicles in real time. With this system, the repossession and recovery of delinquent assets are easier, faster and cost-effective. The advanced GPS tracking devices are linked to the collateral management systems such as starter disablers, payment reminders as well as alerts that are triggered to stop in order to extend repayment periods.

These features reduce the costs of repossessing while promoting in-time payments. It facilitating customers to rebuild their credit as well as staying with their vehicles. According to the analysis that was done in the United States, various Buy Here Pay Here automotive dealers have recorded significant profits as a result of the introduction of GPS tracking system in the market. GPS Leaders is the leading provider for affordable, and highly effective GPS systems in the USA. Visit www.gpsleaders.com

Disablers’ versus GPS Tracking Technology

While collection or payment disablers’ technology devices are in most cases considered to be a good alternative to GPS systems, they perform so much different from each other. Payment disabling devices, give attention to the facilitation of a group of customer repayments while GPS units aid in locating the vehicle for recovery or repossession. Therefore the operators must decide first on their general objective before they select the devices that meet their needs.

Disabling and Payment Assurance Devices

The survey respondents who use the payment assurance technology say that they experienced the results such as customer call, the financier and give closer attention to the customer repayment pattern. The customers also enjoy more interaction with the financier as well as affording greater flexibility in the credit-granting decisions. According to the survey, 91% of the respondents believe that the use of devices reduced their general collection cost. When the disabling and assurance devices are integrated into the department of collection, they improve the general performance of a group by simplifying the interaction of the customers hence promoting consistent repayment patterns. This enables the department of collection to pay attention to the smaller percentage of felonious accounts thus handling extra accounts with good results.

GPS Devices for Repossession and Recovery

GPS devices for repossession and recovery focuses on the recovery and repossession of a vehicle in the cases where the customer defaults in repayment. The basic aim of the device is to facilitate quicker recovery of the vehicle after the customer has neglected his responsibilities. Grounded in the survey results, the devices achieve the aim with 98% of the respondents believing that the use of GPS devices results in faster recoveries. The repossession cost and the cost of the impounding fees that occur along the way are reduced to by finding the location of the vehicle using the GPS tracking technology. The survey further indicates that 80% of the respondents consider the usage of GPS in the buy here pay here automotive market in United States enable them to fund more projects. In the cases where the financiers consider an easy and quick way of recovering vehicles after default from customers, the professed risk is reduced thus more contracts will be more likely to be originated.

GPS Tracking Device Buzzers Discourages Late Payments

GPS devices for repossession and recovery provide a lot of benefits by accurately locating the cars that the dealers sell. Therefore the system reduces the instances of late payments by providing automated payment reminders and starter disablers features that help to remind and motivate customers to pay their debts on time. This enables the dealers to spend less time and money tracking down the missed payments and repossessing the vehicles. The system also guarantees the dealers a continued connectivity with the customers as well as the collateral vehicles. The GPS tracking in the Buy Here Pay Here automotive market in United States reduces the business risk and thus increasing sales. This accomplished through offering loans to customers who are credit-challenged via GPS vehicle tracking. The dealer is able to serve diverse customers from different areas and with different credit ratings through reduced costs that are associated with the repossession of the vehicles. The GPS devices also give reliable connections, unprecedented coverage and speedy access to networks even in the rural and remote areas. Therefore tracking of defaulted vehicles is quicker and easy no matter the geographical location of the vehicle. Again the information is easily assessed even through a computer or a mobile device.

GPS Tracking Assurance Devices

The payment assurance disablers’ devices are usually installed in the automotive motors as a condition of post-repossession recall. The devices provide payment reminders and alerts in a series of tone as scheduled by the dealer and unveiled to the customer. In the cases where the payment is not done as scheduled, the GPS tracker will just send a command that will prevent the vehicle from starting. The devices also provide a report on operational maintenance and manual locations when needed. Other available features include anti-theft, starter-interrupt, low-power notification and tow-detection notification. Therefore this practice of installing GPS tracking devices by the car dealers ensure that payments are made by customers who have a bad credit history or by the low-income buyers. In the case where the customers stop paying the money, the devices are designed in a manner that will render your vehicle inoperable until the day one will start paying up again. The devices are an effective behavior modifier that the customers does not have any option rather than paying up the dues to the dealers.

Improve Sales and Services.

GPS tracking devices allow the dealers to locate their vehicles in seconds when the buyer comes in wanting to test a specific vehicle. The dealers don’t have to struggle to locate the vehicle their lot, they will just have to use the GPS tracking system. As a result, they will get the customers behind the wheel as fast as possible hence keeping the sales process in motion as well as cutting any lag time that might cause the buyer to back out. It is essential for the dealers to install these devices so that they can reserve vehicles in time in case the customers call in.

GPS Tracking Prevents Crime

Even with security cameras and a lot of lighting, being a theft target occurs often. Data from FBI shows that approximately 765,484 motor vehicles went missing in 2016. Most of the reported cases involved up to 11 stolen vehicles in dealer warehouse. This caused a lot of losses to the dealers. Therefore GPS tracking devices installed in the cars makes sure that the vehicles in the warehouse are monitored closely. And in case of theft, they can be traced and recovered quickly. Also, the GPS tracking system for buy here pays here automotive market have special features that protect inventories from theft and other damages. On the other hand, tightening of the security eliminates the write-offs from getting missing thus saving on insurance as the fewer the claims that the insurance gets, the lesser the rates that one will pay. The customers also get to save along the way as there is a number of insurance companies that offer lower rates to the customers that have GPS tracker in their vehicles. Again when is able to locate the vehicle, cuts the chances of payoff or write-off. Financial institutions offer also good credit services to the customers with the vehicles that are installed in the GPS tracker.

Higher Valued Vehicles

The GPS tracking skip tracing devices benefit customers in their ability to acquire more financing powers for higher Actual Cash Value (ACV) vehicles. Otherwise, it would be possible under ordinary circumstances. The financial institutions will finance more in the cases where they perceive their default risks has been reduced. Therefore vehicles of higher quality create a tangible benefit to the buy here pays here automotive customers. From the survey that was carried out in California, most of the respondents argued that use of the GPS tracking devices allowed them to sell more Higher Value Vehicles with fewer risks.

The GPS tracking provider in California GPS leaders supports that the disablers and GPS payment assurance devices, benefit both consumers and the financiers. You can get more information from www.gpsleaders.com According to the survey that was carried out in California, disabling devices reduces the collection costs, delinquencies, alter the behavior of the customer as well as reducing defaults. Generally, the survey indicates that the devices achieve all the benefits. As a result, I would recommend the application of these devices in the buy here pay here automotive market to allow wider flexibility in the credit granting. The GPS tracking skip tracing improves the financial condition of the dealers as well as improving their potential credit score hence attaining greater chances of being approved for vehicle financing. On the other hand, the financiers benefit from the reduced risk that grants them wider and flexible credit granting as well as reducing the general recovery cost hence promoting collection efficiency.