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

• Current Assignee: Spireon Incorporated (Solera Holdings Incorporated)
• Original Assignee: Mark P. Forbes
• Inventors: Forbes, Mark P.
• Primary Examiner(s): SWARTHOUT, BRENT
• Application Number:
  US09/103,419
• Time in Patent Office: 601 Days
• Field of Search: 340/988, 340/989, 340/990, 340/426, 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 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.

2. The method of claim 1 wherein step (a) further comprises the step of:

(1) installing a base communication receiver within the vehicle, the base communication receiver being capable of receiving a transmit request signal; and

step (c) further comprises the steps of;

(1) establishing a data link from a base terminal to the base communication receiver upon an occurrence of the 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.

3. The method of claim 2 wherein step (c) further comprising the steps of:

(1) establishing the data link from the base terminal to the base communication receiver at predetermined intervals prior to any occurrence of a default condition; and

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

4. The method of claim 1 wherein step (c) further comprising the steps of:

(1) establishing the data link from the base terminal to the transmitter at predetermined intervals prior to any occurrence of a default condition; and

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

5. The method of claim 4 wherein step (c) further comprising the step of:

(3) receiving the locational data at the base terminal and storing the locational data.

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

(1) monitoring the loan status for a delinquent condition; and

step (c) further comprising the step of;

(1) establishing a data link from a base terminal to the transmitter of the vehicle upon an occurrence of the delinquent condition in the loan status.

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

8. The method of claim 1 wherein step (a) further comprising the step of:

(1) powering the transmitter with a rechargeable battery.

9. The method of claim 1 wherein the vehicle having an alarm, step (a) further comprises the step of:

(1) installing a base communication receiver within the vehicle, the base communication receiver being capable of receiving a vehicle alarm signal; and

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;

(2) receiving the vehicle alarm signal with the base communication receiver; and

(3) enabling the vehicle alarm.

10. The method of claim 1 wherein step (a) further comprises the step of:

(1) installing a base communication receiver within the vehicle, the base communication receiver being capable of receiving a vehicle deactivation signal; and

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;

(2) receiving the deactivation signal with the base communication receiver; and

(3) deactivating the vehicle.

11. The method of claim 1 wherein step (a) further comprises the step of:

(1) installing a GPS positioning signal receiver;

step (c) further comprises the steps of;

(1) establishing a data link from a global positioning satellite (GPS) to the GPS positioning signal receiver; and

(2) receiving a GPS positioning signal; and

wherein the transmitted locational data being based upon the 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 (e) further comprising the step of:

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

15. The method of claim 1 wherein the installing of the transmitter is effectuated during the vehicle manufacturing process.