Late On Your Car Payment? The Repo-Man Has A New Tool To Find You!

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Late On Your Car Payment? The Repo-Man Has A New Tool To Find You!

Date Added: June 13, 2008 06:52:50 PM

Author: Don Bernard

The Digital Recognition Network (DNR), a digital data network exchange, announced recently collaboration with the American Recovery Association, Inc. (ARA), the world’s largest organization of professional finance adjusters and certified recovery specialists, and Vigilant Video (VV), a leading provider of advanced video analytics for security applications, to add extra tools to help recovery agents to more effectively recover vehicles nationwide. This new tool, a camera secretly attached to a recovery agent’s tow truck, uses License Plate Recognition (LPR) software to locate vehicles that have been added to a “hit-list” database that is controlled by a large committee of auto loan lenders.This database contains information on all vehicles whose registered owners have stopped meeting their financial obligations on a car loan to the finance company and are slated for repossession. The LPR camera rapidly and continuously takes a series of photographs of every vehicle’s license plate that it nears. The software for the LPR has a wireless connection over the internet to the lender’s database and cross checks the snapshot of the license plate to the tags listed for repossession from a lender. If there is a match, an audible tone blurts out a warning to the driver and the lender’s confiscation information will pop up on the driver’s lap top. After which he will fulfill the repossession order and take the vehicle. This is phase two of a secure web based recovery management system that the ARA has “secretly” provided its members. With this current application, recovery agents are able to communicate with the lenders off site and receive repossession assignments immediately. This new process has done away with the laborious and time consuming process of a driver having to manually cross check license plates and vehicle identification numbers (VIN) from a vehicle to a “phone book” sized list of vehicle owners who have defaulted on their car loans. So, the old tricks of hiding your car at a friend’s or family member’s house to avoid repossession will no longer work. If a collateral recovery agent’s vehicle containing the LPR system happens to drive by your “hidden” vehicle, the agent will receive an order to repossess the car.Even moving the vehicle to another state will do you no good. ANY recovery agent using the LPR technology in ANY city of EVERY state will receive authorization to confiscate the vehicle. Auto lenders have noticed a reasonably quicker and more efficient process in their ability to confiscate collateral and securities due to non payment. With word of mouth speeding its way into most lender's offices, more and more lenders are signing up for this service. Police departments across the United States and Canada have been using this same technology for the past two years to identify stolen vehicles, vehicles with stolen registration tags and even registered owners who may be wanted for questioning or is wanted on an arrest warrant. Their ability to capture criminals has increased tremendously with the use of this technology and continues to grow.