GPS devices and Starter Interrupt devices are becoming increasingly essential for BHPH and Finance Companies.  These devices are a cost-effective way to protect assets, increase collections, and lower overall loss rates.

With active GPS units, sold and unsold vehicles can be located at any time, with pinpoint accuracy.  This is extremely important in the event of theft or any repossession attempt.  It also makes collections easier and more effective: with more consumers calling the collectors, not the other way around.

Rules and regulations – It’s important to stay compliant to get the most out of using these devices. Some of the biggest mistakes you want to avoid include, but are not limited to, passing the costs off to the consumer, discriminating on who does and does not have a device, disabling without prior warning, and leaving a vehicle disabled after sufficient payment has been made.

Any device must also be properly disclosed to consumers as a condition of the credit extension, under the RISC.  This can be a daunting endeavor for any business, large or small, that wants to start using GPS devices.

The DMS you use can have a huge impact on the ease with which you stay compliant with CFPB and the FTC’s UDAAP and the efficiency with which you reap the benefits of these devices.

With DealPack as your DMS, you can:

1. Itemize vehicle cost, separating-out purchase cost, repairs, and Pack fees (Finder’s Fees, detailing cost, GPS, etc).  This allows you to accurately account for these expenses without having to add them directly as fees to any new deal.
2. Add device serial numbers to all vehicles, which automatically activate when a new deal posts.
3. Set up automated warning days and tones (depending on device capability).
4. Automatically enable vehicle when sufficient payment is made, regardless of payment method, day or night, 24/7.
5. Disclosures, contracts, amendments, and any other agreements can all be electronically signed and stored in DealPack.
6. Track and resolve GPS complaints inside DealPack by grouping complaints together by source, setting deadlines, running various types of complaint reports, saving images and files related to the complaint, and sending internal messages to specific employees to ensure proper follow-up.

DealPack integrates seamlessly with several GPS companies and device types, including PassTime, Goldstar, Sarekon, iMetrik, and many others.

To learn more about how Deal Pack can help utilize GPS and starter interrupt devices to improve your business or to schedule a demo, please call 800-526-5832 or email support@abcoa.com