Some amazing new technology out lets the repo companies snag repos on the fly without having to do it the old fashioned way of hunting the car down.
New technology by MVTRAC allows repo vehicles to read license plates of cars parked or passing them. When the system goes “ch-ching” the driver knows they have a car to pick up. The driver can then snag the car or follow the driver till they stop and park to snag the car.
Now, if your car is in danger of being repossessed you need to be concerned if you are even driving it down the street.
At the core of this technology-intensive trend is a set of high-speed digital cameras mounted on the hood and trunk of a vehicle that snap pictures of license plates while passing other vehicles, even at 80 miles per hour. Photos of the plates (including the time the photo was taken and the car’s GPS coordinates) instantly pop up on a laptop computer inside the repo man’s vehicle. Optical character recognition software converts the plate numbers to text.
The process gets more technical: the plate numbers are checked against an encrypted database of delinquent cars, compiled from lenders and stored on the computer, which is refreshed continuously using a wireless link.In most cases, the license plates photographed are attached to cars with no payment problems. But when a plate on a wanted list is found, the computer screen displays further information, including the make and model, its vehicle identification number, or VIN, and the name of the lender. The data is used to confirm that the right car has been found — scofflaws sometimes swap license plates, for instance. – Source
And using new technology repo trucks cars can now be recovered by a 16 year old in as little as eight seconds, even parallel parked, without the driver even leaving the truck.