Many of the vehicles financed with subprime loans have a GPS device installed, and lenders have utilized the use of starter interrupt devices (“SIDs”). Lenders will require the SID to be installed as a condition of getting a vehicle loan. SIDs enable the auto lender to remotely disable the ignition system of a borrower’s car if the borrower defaults on their loan. In many instances, the SID is equipped with a global positioning system (“GPS”), the SID also communicates the location of the car to the lender to facilitate the repossession of the vehicle.
PaymentVision, a division of Autoscribe Corporation, is an industry-leading financial technology firm that offers a PCI-certified payment gateway that helps businesses accept electronic payments via their own call center, automated phone systems, web, or integrated software payment API. Recently named a top electronic payment solution by Collection Advisor Magazine, PaymentVision has thousands of customers and processes more than $2 billion in transactions annually. PaymentVision clients span several industries and include some of the largest collections, finance, municipalities, utilities, and healthcare companies in the nation.