Miss your loan payment & your car stops!

We all know the consequence of not paying Utility Companies – Phone Providers – and Subscription Services . .They cut you off!

However, fail to pay your a car loan and one can keep driving for months and in some cases years before the courts and repossession companies are able to catch up.

Well not any more! New technology will now prevent a car from starting if you don’t make your car payments OnTime.

Sekurus International LLC, a leading Payment Protection and fleet Telematics products and services provider, today announced the launch of Sekurpay Flex and SekurPay ON TIME with it’s partner Prompt pay UK Ltd, the exclusive independent distributor for Great Britain. The devices are the latest incarnations of starter interrupt units to be supplied to Banks, Finance and Rent-a-car companies across the UK to help manage their Auto Loan portfolios.

The complete asset management solution includes microprocessor-enabled technology that tracks payments and will warn users when their weekly or monthly car instalments are due or their rental contracts ending. If payments are not made to the lender the car will fail to start. Once payment has been made a code is issued to the borrower and entered into the unit allowing vehicle usage until the next payment is due

“The relevance of Sekurus International's products and services have been proven in many global markets" said Sekurus International's CEO Basel Al Salah. “The concept now has in excess of 1 million fitments across the world and protects $2.6 Billion in auto loan books” he added.

“Together with our partner Sekurus, we provide market-leading Payment Protection and asset management applications supported by a team of professionals dedicated to ensuring our solutions meet the exacting needs of our customer base" said Patrick Murray, the Development Director @ Prompt Pay UK Ltd. “We have conducted extensive due diligence over the last eighteen months to ensure that the Sekurpay process is robust, safe and legally compliant to use in the UK.” The product will now give finance companies and rental operators the much needed payment protection for their loan portfolios in this exceptionally delicate market.”

Although primarily used for Sub Prime Loans (loans for people with poor credit) and car hire, finance companies are now considering the technology for loan consolidation, East European finance applications and fitment to existing delinquent cases as an alternative to repossession. NIADA, The National Independent Auto Dealers Association in the US conducted research on the levels of loan delinquency. They found that cars fitted with a Sekurpay device only had 2.8% bad debt ratio compared with 27% of loans without.

“There are two fundamental reasons why the on–board equipment so much alters payment behaviour and reduces delinquency so significantly” concludes Mr Al Salah. “Being a fully disclosed system, it naturally filters fraudulent or “non-complying” clientele at the offset but most fundamental of all is the inclusion of direct and immediate consequence for borrowers who “choose” when they want to pay”

“Each week we decline hundreds of applicants who are marginal failures of the credit scoring system.” Said a representative of a UK Sub Prime finance company planning to use the technology.

“Having sampled these devices, we intend to introduce a broader scope of underwriting with the incorporation of the technology. We believe that there is a great deal of new business than can be made safe and will socially include new clients from previously excluded territories,” Said the Financier.