Russ DeWitt, Editor
President, Capital Adjusters, Inc.
Past President, Nat'l Finance Adjusters
American Recovery Association
Recovery Specialist Insurance Group
Calif. Assn of Licensed Repossessors
Certified Asset Recovery Specialist
Certified Recovery Agent
REPOSSESSIONS & REMARKETING
Police Officers in Kyle will be using LPR to identify individuals with outstanding warrants. When identified, the
individual will have the option of paying the outstanding warrant,
plus a 25% fee that is sent to the company providing the LPR
technology, Vigilant Solutions.Police
cars in Texas are allowed to have debit and credit card readers in
their vehicles, so individuals can make their payment when stopped by
those who choose not to pay on the spot, the officers are then
instructed to take the individuals to court to make their payment, or
police also now have an incentive to look for debt as a way to pay
for their program,” said a Texas civil rights lawyer.
Adjusters has been using License-Plate Recognition technology since
2010 to help locate cars out for repossession and this technology has
been sweeping the repossession industry since that time. In 2010, LPR
repossessions were 10% of our total volume. Last year LPR accounted
for 28% of our total repossession volume.
But this doesn't
tell the whole story because that 28% figure is only the cars that
with our cameras.
Many of our clients have contracted directly with an LPR company to
find their collateral and, once found through that company's LPR database, they then assign the account out for repossession. So my guess is that the percentage of units recovered through the use of LPR is quite a bit higher than what we can track here directly.
Years ago we used to use pretexting
(misrepresenting ourselves by phone to trick the debtor into
revealing the location of the collateral) and breaking phone numbers
to find where the debtor was. Today pretexting is illegal and debtors
have cell phones that aren't tied to any one address or even a state.
With LPR we've been able to balance the scales and have a good tool
to use in locating collateral that in some cases would never be found
Another tool used by used car dealerships is to
place GPS trackers in the cars they finance. This works great until
the customer has the GPS disabled. In this case, LPR to the rescue
again. Several car lots who use GPS trackers in their cars turn to us
to help find their missing collateral when the tracker has been
If your not using LPR as part of your skip
tracing and repossession arsenal, you should look into it. If you are
unfamiliar with this technology or how it works, read mytwo
parts series on How
Does License Plate Recognition Technology
Really Work? Part 1 and
LPR have an
advantage for the consumer? Yes. The faster and more cost effectively
a lender can repossess on a defaulted loan contract, the lower the
fees that lender can charge for new loans. It can save a lender
hundreds, thousands or even tens of thousands of dollars in skip
tracing fees and written off bad loans. These savings are then passed
along to the consumer in the form of lower loan fees.
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CAPITAL ADJUSTERS REPORTS
Information on Repossession and Remarketing Issues
Texas City Using LPR to Identify
Texas City Using LPR to Identify
comes from Mike
Gibb of repopulse.com:
up another use for license-plate recognition technology. The city of
Kyle, Tx is
turning its police officers into debt collectors using LPR. FoxNews Story