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License Plate Readers Change the Repo Business

Caine said:
That all depends... Local small credit unions hire specific recovery companies to look for a specific vehicle..... Which means the dude is going to be looking for the vehicle and checking the VIN number.
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These recovery agents still VIN check the vehicle. Local credit unions used to hire specific recovery companies. Now, they can pay a subscription fee to these services and have many recovery agents looking for their vehicles. Then they pay the bounty when the vehicle is found. This is a big money saver for lenders.
 
Hawkeye10 said:
How disappointing, I thought we were going to talk about high tech, you know, kill switches activated by the lien holder making the car useless to the borrower and GPS mapping so that they can send a tow truck to collect it instantly. I remember reading a few months back that the kill switch idea is very doable but that it runs into trouble with some of the laws, I did not pay a lot of attention though, which is why I was looking towards this thread for more insights.

Oh well....
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There are some lenders, that do use those kill switches. The vehicle has a code box. The debtor enters the confirmation code once they make their payment and the car starts again, for the next thirty days. Problem is those systems rack up some money. They have to be purchased and installed. Of course, maintaining them. Then there's removal once the asset is paid for. Worse, they still have to send a recovery agent into someone's backyard to deal with Fido before snatching the car.
 
Mason66 said:
That has been used on some high risk loans, but you get into trouble because you don't know where the car is when the kill switch is activated.

If the car and owner is in a dangerous place, the lien holder can be held liable for something.
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They changed these to where the kill switches don't shut the car off, they just keep it from starting. Avoids that car shutting of on I-75.
 
Hawkeye10 said:
How disappointing, I thought we were going to talk about high tech, you know, kill switches activated by the lien holder making the car useless to the borrower and GPS mapping so that they can send a tow truck to collect it instantly. I remember reading a few months back that the kill switch idea is very doable but that it runs into trouble with some of the laws, I did not pay a lot of attention though, which is why I was looking towards this thread for more insights.

Oh well....
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A big problem with the kill switch idea is that it becomes a massive safety and security issue if it's triggered while the vehicle is in motion.

Southern Dad said:
They changed these to where the kill switches don't shut the car off, they just keep it from starting. Avoids that car shutting of on I-75.
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At least until some 14 year old in Russia figures it out.
 
I have a couple issues with this. Namely, what process is followed to get someone's license plate on and off the database these guys are using, and how accurate are the license plate readers themselves. I can see issues coming up because whoever is inputting the information into the database made a mistake, or because it takes X amount of time for updates to be made to the database, or simply because the system read the license plate wrong.

Seems like a lot of ways something could go wrong to me.
 
molten_dragon said:
I have a couple issues with this. Namely, what process is followed to get someone's license plate on and off the database these guys are using, and how accurate are the license plate readers themselves. I can see issues coming up because whoever is inputting the information into the database made a mistake, or because it takes X amount of time for updates to be made to the database, or simply because the system read the license plate wrong.

Seems like a lot of ways something could go wrong to me.
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The recovery agent still has to verify the VIN to make sure it is the right vehicle.

He can get into serious hot water if he removes the wrong vehicle.

Most cops don't really like recovery agents as they create a lot of problems that can be avoided.
 
molten_dragon said:
I have a couple issues with this. Namely, what process is followed to get someone's license plate on and off the database these guys are using, and how accurate are the license plate readers themselves. I can see issues coming up because whoever is inputting the information into the database made a mistake, or because it takes X amount of time for updates to be made to the database, or simply because the system read the license plate wrong.

Seems like a lot of ways something could go wrong to me.
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Actually, the recovery agent still has to VIN the vehicle. There is no more risk of a mistake here than with a paper repossession order.
 
Southern Dad said:
Repossession is high tech now.

What do you all think? Fair, not fair?
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Fair. Cops use them in England daily to find un-insured cars. Great idea.
 
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