Method for retrieving vehicular collateral

  • US 6,025,774 A
  • Filed: 06/24/1998
  • Issued: 02/15/2000
  • Est. Priority Date: 06/24/1998
  • Status: Expired due to Term
First Claim
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1. A method of securing collateral for a loan when indicated by a loan status wherein the collateral comprises a vehicle, the method comprising the steps of:

  • (a) installing a transmitter within the vehicle, the transmitter being capable of transmitting locational data regarding the vehicle;

    (b) monitoring the loan status for a default condition;

    (c) establishing a data link from a base terminal to the transmitter of the vehicle upon an occurrence of the default condition in the loan status;

    (d) transmitting locational data from the transmitter of the vehicle to the base terminal via the data link;

    (e) determining the location of the vehicle from the locational data transmitted to the base terminal; and

    (f) confiscating the vehicle.

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