SYSTEMS AND METHODS FOR RECOVERING VEHICULAR COLLATERAL

• US 20130132268A1
• Filed: 11/16/2012
• Published: 05/23/2013
• Est. Priority Date: 11/18/2011
• Status: Abandoned Application

• Current Assignee: Global Track GPS LLC
• Original Assignee: Global Track GPS LLC
• Inventors: Cooper, Frederick Arneman, Cooper, Katherine Harrison, Cooper, David, Cooper, Taryn Stigall
• Application Number:
  US13/679,671
• Publication Number:
  US 20130132268A1
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

Systems and methods for securing collateral for a vehicle loan, when the loan is in a default condition. A Global Positioning System (GPS) tracking device may be installed within a vehicle which is a subject of the loan. If repossession of the collateral becomes necessary, all paperwork for the repossession may be automatically generated, and electronically submitted to the repossession agent. The repossession agent is able to receive location data for the vehicle through an application, such as a mobile “app.” After locating the vehicle, the repossession agent may visually inspect the vehicle, and then request that the vehicle be disabled via the application. The request may be received at a server, which then sends a signal to disable the vehicle. The repossession agent may then take possession of the disabled vehicle and return it to the lender.

Claims

1. A method for securing a vehicle as collateral for a loan, the method comprising using at least one hardware processor to:

monitor a plurality of accounts for a default condition;

detect the default condition for at least one of the plurality of accounts, wherein the detected account is associated with a vehicle;

automatically generate one or more electronic repossession documents;

transmit the one or more electronic repossession documents to a repossession agent;

receive first locational data from a recovery device installed in the vehicle; and

transmit second locational data derived from the first locational data to the repossession agent.

2. The method of claim 1, further comprising using the at least one hardware processor to receive a selection of the repossession agent from a plurality of repossession agents.

3. The method of claim 2, wherein automatically generating one or more electronic repossession documents comprises inputting data into one or more templates associated with the repossession agent.

4. The method of claim 1, further comprising using the at least one hardware processor to:

receive a disable request from a client application; and

,

in response to the disable request, send a disable command to the recovery device, the disable command indicating that the recovery device should disable the vehicle.

5. The method of claim 1, further comprising using the at least one hardware processor to transmit a communication to the recovery device.

6. The method of claim 1, further comprising using the at least one hardware processor to receive the communication from a client application via at least one network prior to transmission of the communication to the recovery device.

7. The method of claim 1, further comprising using the at least one hardware processor to:

receive a tamper message from a recovery device, the tamper message indicating that tampering with the recovery device has been detected, and,

in response to the tamper message, generate an alert.

8. The method of claim 1, further comprising using the at least one hardware processor to:

detect a failure to receive locational data from a recovery device, and,

in response to the detected failure, generate an alert.

9. The method of claim 1, further comprising using the at least one hardware processor to store the first locational data.

10. The method of claim 1, wherein the second locational data comprises the first locational data.

11. The method of claim 1, wherein the second locational data comprises a graphic, and wherein the graphic comprises a map and an icon representing a location of the vehicle relative to the map.

12. A system for securing a vehicle as collateral for a loan, the system comprising:

at least one hardware processor; and

one or more executable modules that, when executed by the at least one hardware,

monitor a plurality of accounts for a default condition,

detect the default condition for at least one of the plurality of accounts,

wherein the detected account is associated with a vehicle,

automatically generate one or more electronic repossession documents,

transmit the one or more electronic repossession documents to a repossession agent,

receive first locational data from a recovery device installed in the vehicle, and

transmit second locational data derived from the first locational data to the repossession agent.

13. The system of claim 12, wherein the one or more executable modules further receive a selection of the repossession agent from a plurality of repossession agents.

14. The system of claim 13, wherein automatically generating one or more electronic repossession documents comprises inputting data into one or more templates associated with the repossession agent.

15. The system of claim 12, wherein the one or more executable modules further:

receive a disable request from a client application; and

,

in response to the disable request, send a disable command to the recovery device, the disable command indicating that the recovery device should disable the vehicle.

16. The system of claim 12, wherein the one or more executable modules further transmit a communication to the recovery device.

17. The system of claim 12, wherein the one or more executable modules further receive the communication from a client application via at least one network prior to transmission of the communication to the recovery device.

18. The system of claim 12, wherein the one or more executable modules further:

receive a tamper message from a recovery device, the tamper message indicating that tampering with the recovery device has been detected, and,

in response to the tamper message, generate an alert.

19. The system of claim 12, wherein the one or more executable modules further:

detect a failure to receive locational data from a recovery device, and,

in response to the detected failure, generate an alert.

20. The system of claim 12, wherein the one or more executable modules further store the first locational data.