With unemployment rates rising, many people are being forced to choose between paying a home mortgage and making car payments. In almost every case, car payments fall by the wayside while mortgage payments become top priority. Repossessing a car after a borrower has defaulted on a loan can be tricky. Not only does a dealership have to have all the legal paperwork in order, but many people attempt to hide vehicles that are about to be repossessed. GPS tracking technology can make this process a lot easier.
Even though it is illegal for someone to hide a vehicle that is in default, many people attempt to prevent repossession by concealing defaulted vehicles. When this happens, finding a car becomes something of a bounty hunt. In order to retrieve hidden cars, many car dealership owners hire professional “repo experts.” Not only can this process take a long time, but it can also be very expensive.
The average cost of hiring a repossession specialist to track down a vehicle with a good address is $400. The cost of tracking down a hidden vehicle increases by roughly $1 per mile. Since most people hide vehicles out of state, the total cost of finding a hidden vehicle can easily reach more than $1500.
Repossession costs can be avoided by equipping all cars on a car lot with GPS tracking technology. GPS trackers such as the Smart Tracker and Smart Tracker Elite will provide car dealers with the exact location of a vehicle day or night. Whether a borrower has decided to hide a vehicle in another state or in a junkyard, a GPS tracker will locate a vehicle no matter where it has been hidden.
When it becomes necessary to repossess a vehicle, there’s no need to spend a large amount of time and money tracking down the location of an auto. GPS tracking technology is efficient, inexpensive, and ready to locate any vehicle at any time.