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GPS Trackers-Pro or Con?

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  • SeaKelly
    started a topic GPS Trackers-Pro or Con?

    GPS Trackers-Pro or Con?

    Lenders: Has there been an increase in the # of GPS trackers being installed on financed vehicles? And is it worth the cost?

    Agents: Have you noticed an increase in the # of GPS Involuntary assignments you receive?

  • cronny1111
    replied
    Problem is people are installing them for pennies. Treat it like any other repo.

    Leave a comment:


  • okieniteowl
    replied
    Originally posted by bigdaddy View Post
    They are as dangerous as any other repo. I would not recomend anyone doing them at a lower rate. You can die or get urself killed just as as easy as another repo. Don't cut ur rates!
    That needs a like button.
    Most of our clients are gps . Only issue i have is one of our clients won't give us a login to track the units our selfs, (the others do). They insist on locating when they are open. One, this makes me have to work in the daytime, which i hate. And almost guarantees confrontation. If it were my company they would either let me work when it's a little safer or i would dump them.

    Leave a comment:


  • wreckernut
    replied
    Originally posted by bigdaddy View Post
    They are as dangerous as any other repo. I would not recomend anyone doing them at a lower rate. You can die or get urself killed just as as easy as another repo. Don't cut ur rates!
    I agree to an extent. but If you know youre dealing with someone with a violent arrest history (which I always recommend doing a background check no matter what kinda people the finance company says they are) that has a tracker on their ride, then you get to pick and choose when and where to recover the collateral. somewhere nice and public like Walmart where you know theyre gonna be there for at least 30 minutes. no one goes in and comes right out

    Leave a comment:


  • bigdaddy
    replied
    They are as dangerous as any other repo. I would not recomend anyone doing them at a lower rate. You can die or get urself killed just as as easy as another repo. Don't cut ur rates!

    Leave a comment:


  • ALSCOROCHESTER
    replied
    I have seen more finance companies using GPS...They are nice when they let us log into the system and track them our self. When we have to call in and have them do it I don't like the way that works.

    Also I have seen more and more debtors removing the tracking systems and finding out the GPS info is uselss.

    Leave a comment:


  • wreckernut
    replied
    ill be the first to admit that im new to the industry but gps trackers are great in my opinion because it saves the clients money per repo and lets the agents make more money by being able to cut through cases quicker and get on to the next one. I believe that there is a way to utilize the starter disablers though. for instance, the way I would use it as a lender is wait till the debtor is in the open, have a repo agent in the area, as soon as the debtor parks, kill the car just as a safety measure and have him move in. I work with a lot of low end bhph places and the biggest problem I have is them working with me to recover their own property. one guy I spent a week looking for then I found out they actually knew his address... smh.

    Leave a comment:


  • assetadjusters
    replied
    Originally posted by flgator23 View Post

    1 Thing I would say to the lendors, do not use this as a tool to collect......You turn the car off, it gives them time to take it out and run.....It should only be used to track not collect!!
    I agree, its stupid to let collectors cut off the car for non-payment. FLgator is right...all it does is let them know the car tracks and they need to remove the tracker.

    The trakcer should be used as a device to get a car back if they don't pay. Not to bully non-paying customers. Once the car has been recovered, it has done what its designed to do. Track and help recover. If you decide to shut off and recover then redeem. Don't cry if the car is not recovered the second go around.

    Leave a comment:


  • NHT Towing And Recovery
    replied
    Love em

    i have seen a spike in GPS cars recently and i must say its nice to know where the car is by clicking on a button.
    That being said theres really only one unit i prefer over the others and thats Goldstar. when installed correctly the unit is accurate up to a couple meters.
    One unit i do not reccomend.... Cal-Amp.... spotty at best gives very delayed info and not very accurate either. Just my opinion.

    Leave a comment:


  • SeaKelly
    replied
    Thanks for the info guys!

    Coming from a lending background, I can definitely understand why GPS trackers are installed on vehicles where the debtor has spotty credit. It makes a lot of sense and probably enables lenders to approve loans to those with little or no credit without much of a risk. Plus the quicker the recovery of collateral, the less damage/normal wear & tear which means more $ at the auction. Or if it is a BHPH unit, higher resell value.

    With technology becoming cheaper and cheaper, do you think it will become the new industry standard to install GPS trackers on all secured loans?

    Leave a comment:


  • RecoverySolutionsNC
    replied
    Originally posted by TIMEBANDIT View Post
    Most we get are BHPH and they are very effective. Shop price though we have found our dealers have a great descrepency on what they pay the GPS company and they all work the same.
    I would agree that dealers pay varying prices depending on the unit, its capabilities, and the quanity or volume of their purchases.

    I have to disagree that they all work the same. I will say that they are advertised and sold to be just as effective as the rest. Definately not true.

    Leave a comment:


  • TIMEBANDIT
    replied
    Most we get are BHPH and they are very effective. Shop price though we have found our dealers have a great descrepency on what they pay the GPS company and they all work the same.

    Leave a comment:


  • RecoverySolutionsNC
    replied
    Originally posted by SeaKelly View Post
    Lenders: Has there been an increase in the # of GPS trackers being installed on financed vehicles? And is it worth the cost?

    Agents: Have you noticed an increase in the # of GPS Involuntary assignments you receive?
    Kelly, I work with alot of lenders that use various gps tracking technology to limit losses. Most of the gps trackers/starter interupts are installed by bhph lots and usually they have their detailers/mechanics install them. From a dealer/bhph standpoint there is a dollar value that warrants this expense and it is also more attractive to bigger lenders buying bulk deals. The addition also allows the dealers to negotiate higher percentages on the gross amounts, as well as a since of security for the investors. As a risk of investment, there is a small percentage of debtors that actually find, usually by way of mechanic and disconnect the tracker rendering it useless. That percentage is small compared to units not being located without it.

    Agent standpoint: GPS Involuntary assignments.. I am seeing a increase in gps type assignments. What does this mean for us and for assett management companies? This is good news for the agents and better for the dealers/lenders. How? Agents are more likely to recover first run and dealers/lenders are more likely to recover at a reduced rate on recovery. As for the management company this could be trouble long term.

    Leave a comment:


  • CWM Asset Recovery
    replied
    I REPOed

    I REPOED a lot of Big rigs.

    The lender usually could track then via GPS and I loved it !

    Leave a comment:


  • flgator23
    replied
    Love them...even if they take them out if they use the ones that ping every 25 hours, I will have a 30 day history of where they hang at night, where they shop, and everything else.

    They are much easier to recover if you can pull 30 days history or so, I have one customer that puts them in every last chance deal......so far there is not a single car that we did not find, and many of them were taken out by the customers..


    1 Thing I would say to the lendors, do not use this as a tool to collect......You turn the car off, it gives them time to take it out and run.....It should only be used to track not collect!!

    Leave a comment:

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