Vehicle Repossession Using Real-Time GPS Tracking
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Solution Overview
Problem
Current vehicle repossession methods are inefficient due to reliance on outdated borrower addresses and increased costs from skip tracing when vehicles are not located at expected addresses, leading to delays and increased expenses.
Innovation Solution
A system utilizing GPS coordinates from both borrower tracking devices and repossession agent tracking devices to efficiently identify and assign nearby repossession agents, allowing for real-time location-based assignment and potential auctioning of repossession tasks, thereby optimizing the repossession process.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of manufacture
If repossession agents use last known addresses from financing agreements to locate vehicles, then they can follow a simple process, but the addresses are often outdated causing failed repossessions and requiring expensive skip tracing
Solution Approach 1:
The system performs preliminary actions by continuously tracking vehicle locations via GPS before repossession is needed. Location data is collected and stored in advance, so when default occurs, the vehicle's current position is already known, eliminating the need for skip tracing and making the repossession process both easy and reliable
Solution Approach 2:
A server acts as an intermediary between the tracking devices in vehicles and the repossession agents. The server collects location data from tracking devices, processes it, and provides current vehicle positions to repossession agents, bridging the gap between simple address-based methods and reliable real-time location information
2Reliability
If repossession agents perform skip tracing to locate vehicles not at expected addresses, then they can find the vehicles, but the process becomes expensive and time-consuming
Solution Approach 1:
Location tracking is performed in advance and continuously, so when repossession is needed, the vehicle's position is already known. This eliminates the need for time-consuming skip tracing while maintaining high success rates in locating vehicles
Solution Approach 2:
The system implements feedback by continuously receiving location data from tracking devices and updating the vehicle's position in real-time. This feedback loop ensures that repossession agents always have current location information, enabling quick response without extensive searching
3Ease of operation
If lenders use external repossession agents with outdated address information, then they can initiate repossession, but additional expensive efforts are required when vehicles are not located
Solution Approach 1:
The server serves as an intermediary that provides current vehicle location data to repossession agents, eliminating the need for lenders to invest in expensive skip tracing efforts. The system maintains simplicity for lenders while reducing overall repossession costs through accurate real-time location information
Solution Approach 2:
The tracking device in the vehicle essentially performs the location-finding function that would otherwise require expensive skip tracing services. The vehicle's own tracking system provides location data, making the repossession process more cost-effective while maintaining ease of operation for lenders
Data Source
AI summary
Methods, devices, systems, and non-transitory process-readable storage media for utilizing information related to tracking devices to support repossession and improve financing account management. In some embodiments, a server processor is configured to obtain repossession agent information corresponding to a plurality of repossession agents (e.g., GPS coordinates of tracking devices in vehicles of repossession agents), obtain account information corresponding to a plurality of accounts in-default (e.g., GPS coordinates of tracking devices in vehicles of in-default accounts, etc.), identify a last known location for a borrower tracking device within the vehicle associated with each of the plurality of accounts in-default based on the obtained account information, and identify a nearby repossession agent for each of the plurality of accounts in-default by comparing the identified last known location for the borrower tracking device within the vehicle associated with each of the plurality of accounts in-default to the obtained repossession agent information.