GPS tracking solutions can bring 5 buy here pay here in house financing to your business. Two hard realities affect Buy Here Pay Here used car dealers today: their ability to repay their loans and the termination of vehicle use.
First, stressed economic conditions have created a market segment of potential customers with low credit scores. It’s difficult to predict who will pay their car payment on time or who will default.
Terminating Car Use
The Buy Here Pay Here dealer has to execute many of the functions banks and finance companies used for when a customer defaults. But, he still retains the vehicle. Telephone and utility bills are not paid by consumers. It is a common fact that customers who do not pay their bills on time will see their services terminated. It is important to promptly terminate the use of a vehicle if a buyer does not pay their bills.
The Benefits of GPS Tracking
In the past, enforcement efforts were limited to attempts to collect the vehicle. It was also difficult and expensive to locate and seize the vehicle when it was being concealed. GPS (Global Positioning System satellite technology) now offers a wider range reliable and more timely options to the Buy Here, Pay Here dealer.
1. Satellite Tracking Real-Time
The installation of a GPS tracking plug-in module allows for real-time satellite tracking on each vehicle financed. Its exact address and location are displayed on a satellite photo and a map that can be accessed via an Internet website. This is regardless of whether or not the vehicle is running. The map shows the exact street block, speed and direction that the car travels if it’s moving. Many GPS trackers include a Stop Track feature which keeps a record of any location the vehicle has stopped for more than 30 mins. This creates a record of vehicle usage and destinations, which is extremely helpful in case recovery is required.
2. Expedited Vehicle Reposession
It is now possible to repossess your vehicle quickly. The lengthy search-and tow process is simplified to allow for immediate repossession. Many repo outfits offer discounts for Buy Here Pay Here dealers who utilize GPS tracking. It simplifies their process and decreases the cost of towing.
3. Starter Disable Feature
Starter Disable can be used when you’re ready to play hardball. If the customer fails to respond to the electronic reminder or attempts to collect other items, the GPS tracking system website allows the electronic disablement of the vehicle’s starter. This will disable the vehicle from the location it is currently parked, or to the next stop if it is still in motion. You can also see the exact location of your vehicle on the internet map. This allows you to quickly recover it.