Articles
Decrease Loan Delinquencies and Repossessions, Concox GPS Tracker Help You Protect Your Profits
by Concox Garin Marketing Manager
In the first quarter of 2016, the rate of auto loan delinquency hit an all-time high since 1996. According to a CNN report, there was a 34 percent increase in subprime loan losses earlier this year. This report could be a bad news for auto dealers and financial institutions that support subprime loans. But there’s a way for auto dealers to avoid this pitfall in their business and lenders to avoid auto loan delinquency.
Protect Your Loan Portfolio with Concox GPS Tracker
Some banks give out lower interest rates on low-credit car buyers as long as they agree to have GPS units set up in their cars. This option will prevent potential loss on lenders. With GPS tracking installed on the car, they can immediately locate or repossess the car in case the borrower fails to meet his or her obligation to pay the car’s monthly dues.
Concox AT2 small mini pocket-sized asset tracker with 1000mAh rechargeable battery and optional magnet mount, it could be invisible if you place it underneath the car. Wire-free AT2 supports SIM change alarm and voice monitoring, making it perfect for rental cars, taxi, etc.
Advantages of installing a GPS tracker for car:
Greater control in your unit
Security to recover your vehicle in case of theft
Peace of mind knowing that you have an additional tool to your insurance.
Investing in a lending business or car dealership GPS tracking system pays off big time. According to the feedback of customers who has done such:
84% of them said their borrowers were able to avoid auto loan delinquency after installation of the device
78% of them financed borrowers with low credit rating
68% of them financed borrowers with lower down payments
The auto finance business is facing a serious problem, but don’t let it stop you from making deals with your customers. Just make sure that your vehicles are equipped with GPS trackers to protect your valuable assets.
For more product info: www.iconcox.com
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About Concox Garin 
Marketing Manager
14 connections, 0 recommendations, 66 honor points.Joined APSense since, July 29th, 2019, From Shenzhen, China.
Created on Aug 28th 2019 22:08. Viewed 244 times.
