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GoldStar GPS Tracking Reduce Repossession Costs

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Reduce Repossession Costs with GPS Tracking

Contrary to popular belief, repossessions can be as painful for dealers and lenders as they are for borrowers. It typically takes a lot of resources, time, and money to repossess a car.  Dealers and lenders must walk a fine line between the lure of profits from new customers, and the loss of profits from repossessions. In addition to the terrible burden placed on borrowers, bad-loan charge offs cost lenders an average of $7,401 per vehicle.

With the GoldStar GPS vehicle tracking solution, automotive lenders can reduce their collection costs significantly. A host of features make it easy to manage assets and keep track of delinquent buyers. The level of sophistication of today’s devices allows businesses to discreetly track vehicles 24/7, without the threat of detection or removal. Automotive lenders can remotely disable a vehicle with a starter-interrupter when payment is not given, and track the location of a vehicle (reducing the man hours it takes to find one). Additionally, lenders can set up automatic alerts to notify drivers when their payment date is approaching, or when they are delinquent.

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. The GoldStar GPS tracking solution is completely customizable to individual needs, protects the data and privacy of both lender and borrower, and can help increase recovery rates by as much as 33 percent. Lowering the costs of labor, collections, and repossessions all help a business achieve higher net profits.

The advanced suite of tools available with GPS tracking devices are exactly what lenders need to manage high risk customers.

Find out for yourself, sign up for a free demo.

By Corinna Tutor
VP, Integrated Marketing
Spireon

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Recent Bloggers

  • Corinna Tutor
    VP, Integrated Marketing
    Spireon
  • David Meyer
    Executive Vice President, Sales & Services Automotive Solutions
    Spireon, Inc.
  • Neil Fisher
    Vice President of Field Sales, ASG
    Spireon, Inc.