loan payment enforcement ...
We expect that our clients are capable of making their monthly payments and we take time to ensure that the payments are affordable. We also take the time to learn about our clients, assess their credit and loan repayment capability, and to place them in a vehicle that makes sense for them. However, a small percentage of people are considered a significant risk by lenders and in turn, additional steps may be taken to ensure that your account risk can be offset if necessary. Remember that late payments, defaults or refusal to pay your loan will only make the repair of your credit history more difficult.
A small GPS unit may be placed into your vehicle. You will know this is happening and usually, its cost is included of the overall vehicle cost to which you agreed. The unit is usually dormant (not active) and does not track your daily driving habits, nor does it record any history of vehicle whereabouts. Do not confuse this with a GPS navigation system, it does not function in that way. If your lender becomes concerned about your loan payments or status, they may activate the device remotely and then they are able track the location of the vehicle. This is usually done as part of a repossession recovery of the vehicle.
In some higher risk credit cases, an electronic device can be installed as part of the ignition circuit of the car or truck. You will be made aware of this potential installation before you take possession. It is a tamper proof device that will immobilize your vehicle if any attempt is made to bypass it. You will not notice this device in normal operation of the car. However, if your loan misses a payment, or other trigger events happen with your loan, the lender can remotely activate this device and the car will no longer start. If you are driving the car at the time this happens, the car will continue to function safely. However, any attempt to restart the car the next time will fail. Once the problem of back payments is cleared up, the device will be remotely released and once again the car will perform normally. There may a fee for the installation of this device that will normally be included in the overall cost you pay for the vehicle.
Repossession is a legal process in which the lender recovers your vehicle and may resell it to offset the outstanding debt. Usually the car will be towed away and stored by the lender for a small grace period. During this time, if the account is brought up to date, you may be able to drive the car again. However, in chronic circumstances, the lender will resell the car and keep all proceeds against your loan commitment. This process can severely impact your ability to gain further credit or loans, impact your credit scores and may result in permanent loss of the vehicle. You should not take this lightly and work to maintain your credit and the ability repair your credit.
You can apply for a loan any time, 24 hours per day. Our Special Finance managers will examine your request as soon as they get notified of your application. We can get you approved as early as the same day or usually within 24 hours of receiving your application during normal business hours.