Method for retrieving vehicular collateral

• US 6,249,217 B1
• Filed: 10/29/1999
• Issued: 06/19/2001
• Est. Priority Date: 06/24/1998
• Status: Expired due to Term

• Current Assignee: Spireon Incorporated (Solera Holdings Incorporated)
• Original Assignee: AirIQ Inc.
• Inventors: Forbes, Mark P.
• Primary Examiner(s): SWARTHOUT, BRENT
• Application Number:
  US09/430,424
• Time in Patent Office: 599 Days
• Field of Search: 340/426, 340/988, 340/989, 340/990, 340/928, 342/457, 701/207, 701/208, 701/213, 180/287, 705/38, 235/379, 235/380, 235/384
• US Class Current: 340/426.19
• CPC Class Codes: B60R 25/00 Fittings or systems for preventing or indicating unauthorised use or theft of vehicles locks for vehicles E05B77/00-E05B85/00
• CPC Class Codes: B60R 25/33 of global position, e.g. by providing GPS coordinates
• CPC Class Codes: B60W 2556/50 of positioning data, e.g. GPS [Global Positioning System] data
• CPC Class Codes: G01S 2205/002 for traffic control, mobile tracking, guidance, surveillance or anti-collision
• CPC Class Codes: G01S 5/0027 of actual mobile position, i.e. position determined on mobile
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

In accordance with the present invention, there is provided a method of securing collateral for a loan when indicated by a loan status wherein the collateral is a vehicle. The method provides for installing a transmitter within the vehicle. The transmitter is capable of transmitting locational data regarding the vehicle. The loan status is monitored for a default condition. A data link is established from a base terminal to the transmitter of the vehicle upon an occurrence of the default condition in the loan status. Locational data is transmitted from the transmitter of the vehicle to the base terminal via the data link. The location of the vehicle is determined from the locational data transmitted to the base terminal. Finally, the vehicle is confiscated.

Claims

1. A method of securing collateral for a loan when indicated by a loan status, the collateral comprises a vehicle, a transmitter capable of transmitting locational data regarding the vehicle is installed within the vehicle, the method comprising the steps of:

(a) receiving a signal in response to a change in the loan status;

(b) establishing a data link from a base terminal to the transmitter upon the receipt of the signal representative of a change in the loan status;

(c) transmitting locational data from the transmitter to the base terminal via the data link; and

(d) determining the location of the vehicle from the locational data transmitted to the base terminal for use in confiscating the vehicle.

2. The method of claim 1 wherein the change in the loan status includes the loan entering into a default condition.

3. The method of claim 1 wherein the change in the loan status includes the loan entering into a delinquent condition.

4. The method of claim 1 wherein a base communication receiver capable of receiving a transmit request signal is installed within the vehicle, step (b) further comprises the steps of:

(1) establishing a data link from a base terminal to the base communication receiver upon the receipt of a signal representative of a default condition in the loan status; and

(2) receiving a transmit request signal from the base terminal with the base communication receiver via the data link.

5. The method of claim 4 wherein step (b) further comprises the steps of:

(1) establishing the data link from the base terminal to the base communication receiver at predetermined intervals prior to any receipt of a signal in response to a change in the loan status; and

(2) receiving locational data transmitted from the transmitter to the base terminal via the data link to verify the operation of the base communication receiver.

6. The method of claim 1 wherein step (b) further comprises the steps of:

(1) establishing the data link from the base terminal to the transmitter at predetermined intervals prior to any receipt of a signal in response to a change in the loan status; and

(2) receiving locational data transmitted from the transmitter to the base terminal via the data link to verify the operation of the transmitter.

7. The method of claim 6 wherein step (b) further comprises the step of:

(3) storing the locational data.

8. The method of claim 1 wherein the transmitter is capable of sensing physical tampering therewith and transmitting a tamper signal in response to any sensed tampering, step (b) further comprises the step of:

(1) establishing the data link from the base terminal to the transmitter upon the sensing of any physical tampering with the transmitter.

9. The method of claim 1 wherein the vehicle has an alarm, a base communication receiver capable of receiving a vehicle alarm signal is installed within the vehicle, step (d) further comprises the step of:

(1) transmitting a vehicle alarm signal from the base terminal to the base communication receiver via the data link for enabling the vehicle alarm.

10. The method of claim 1 wherein a base communication receiver capable of receiving a vehicle deactivation signal is installed within the vehicle, step (d) further comprises the step of:

(1) transmitting a deactivation signal from the base terminal to the base communication receiver via the data link for deactivating the vehicle.

11. The method of claim 1 wherein a GPS positioning signal receiver is installed within the vehicle and the transmitted locational data is based upon a received GPS positioning signal.

12. The method of claim 1 wherein the transmitter is a cellular phone.

13. The method of claim 1 wherein the base terminal is mobile.

14. The method of claim 13 wherein step (d) further comprising the step of:

(1) moving the base terminal to determine the location of the vehicle.

15. A method of securing collateral for a loan when indicated by a loan status, the collateral comprises a vehicle, a transmitter capable of transmitting locational data regarding the vehicle is installed within the vehicle, the method comprising the steps of:

(a) receiving a signal in response to a change in the loan status;

(b) establishing a data link from a base terminal to the transmitter upon the receipt of the signal representative of the loan status being in a default condition;

(c) transmitting locational data from the transmitter to the base terminal via the data link; and

(d) determining the location of the vehicle from the locational data transmitted to the base terminal for use in confiscating the vehicle.