GPS technology is part of an updated device that prevents cars from being started if owners fail to keep up with loan payments.
Sekurus Inc. says its new ON TIME FLEX XL starter interrupter is an upgrade of its FLEX system designed to ensure timely collection of customer car payments.
GPS lets lenders and dealerships locate vehicles when a grace period has ended or an emergency code has been used.
“(It) successfully leverages GPS technology to further empower the user and offers even greater protection during a payment schedule,” says Sekurus founder Mike Simon.
By being able to immediately locate assets throughout the process, the system provides financial institutions and dealers “with the opportunity to offer an even greater choice of higher-end vehicles to credit challenged customers,” he says.
Like the original, the upgrade can wirelessly generate new payment terms and streamline the overall payment experience for lenders, dealers and credit challenged customers, says Simon.
He says the new system removes the need for customer participation in this process.
Changing codes and the details of a payment schedule can now be completely done by the dealership, providing greater centralized control and also offering more convenience for a customer who does not want to participate in updating payment details by using the device's keypad.