Software and app developers have been hard at work during the past few years developing mobile technology aimed at curbing wrongful repossession (repo) rates of vehicles. One of the standout programs that has emerged from all of their hard work is a mobile platform that allows lenders to relay the latest loan default data to repossession agents.
One company, American Lending Solutions (ALS) Resolvion, a skip-tracing company, has pioneered efforts to come up with such a real-time data platform. It allows any repo drivers to log-in to their mobile devices to check on a car owner’s loan payment progress in real-time before they hook up and tow away a vehicle.
If the data that the repo agent accesses shows that the borrower is delinquent in repaying their loan, then they’re likely safe in picking it up. It will show them if a payment has recently been made, and therefore, the repo order was canceled as well. This is critical in preventing wrongful repossessions.
Wrongful repossessions have long been a big problem according to the Consumer Financial Protection Bureau (CFPB). A lack of clear communication channels between lenders and repo agents has resulted in many unwarranted repossessions of vehicles.
ALS Resolvion notes that they work with over 100 different car loan lenders. They hope that their new mobile technology, which was fully launched on July 1, will help reduce these unnecessary repos.
Many of us count on having access to our vehicles to get to school, work, the doctor’s office and other places that we need to travel to during the day. Not having access to your car to get around is not only inconvenient but it can impact your ability to sustain yourself financially or to get the medical care that you need.
If your car was picked up in Vadnais Heights for no valid reason, then you’ll want to reach out to a wrongful repossession attorney. Your lawyer can advise you of the next course of action that you should take here in Minnesota to try to get your car back.