repossession tracking (ad)redd.it/jp5ehm17rd151.jpg”>
Car Repossession Through Tracking Technology Today, car repo has changed a lot due to advancements in tracking technology. Read on about the ways in which vehicles can be tracked for repossession, and why as a consumer you should care.
Tech’s Role in Repossession
When repo men come to take your car, they often track it down with the help of a variety of toys.
TitleMax also practices forced arbitration and even requires some borrowers to install GPS trackers in their cars. More information about car repossession based on GPS devices can be found here (activate response): 12).
License Plate Recognition (LPR): Cameras used for LPR technology read license plates in public places, allowing repo agents to locate vehicles tied to late loans. This approach improves the ability to find cars without massive search efforts23.
SOCIAL MEDIA: For instance, when repo agents search for information on borrowers they are chasing down, they track the digital footprints people leave behind in their social media and other online activities. For example geo-tagged posts can provide the location of a vehicle, and that aids to search for it with repo men .
Law and Ethics
Though repo men may have sophisticated means of tracking your whereabouts, they are all subject to the law.
Legal Requirement: Repo companies are also bound by the Fair Debt Collection Practices Act (FDCPA), which requires them to follow rules and respect borrowers’ rights throughout their repossession process26.
Prohibition on Repossession: Repo agents cannot use deceit or breach the peace to recover vehicles. For instance, repossessors are not allowed to remove vehicles from locked garages or invade peaceful repos36.
Implications for Borrowers
This type of tracking technology is a game-changer for car owners who fall behind on their payments.
Improved Recovery Rates: By offering the real-time tracking capabilities of GPS, LPR provides lenders with additional flexibility and ease-of-repossession to minimize financial losses resulting from defaults4.
Awareness of how tracking works can help borrowers confront their lenders before repo, and might even prevent reposession entirely!
In the end, tracking technology makes repossession of an automobile more efficient and raises questions about privacy on borrowers legal rights. Knowing about these different technologies can help people manage their financial responsibilities better.
