Car Repossessions Surge with the Help of Tech

VaughanJB

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There are many ways to determine the state of the economy. For example, overall, the stock market is doing well. But things are different where the rubber meets the road. Food prices continue to rise, utilities are going up, and housing costs for renters could be described as being out of control.

One area that shouldn't be overlooked is repo. Car repossessions are increasing, and now are at levels last seen after the 2008 financial meltdown.

That's an issue that deserves a thread all of its own, but I wanted to discuss peoples feelings specific to how repo's work today. Specifically, companies like Resolvion. Resolvion - and they're not the only player in this field - are using tech to simplify the repo process. Let me explain.

Remember those Google map cars that used to drive around and record streets in order to build a map of our wonderful planet at ground level? Well, similar tech is now in place to help with repo's. In short, vehicles fitted with camera's are driving around on the roads, reading an recording every license plate. This data is then compared with repo records, and if there's a hit, then the location of the vehicle is recorded in a database. Access to the database is then granted to repo companies who pay a fee.

But surely this is an expensive way to get data? Well, not so much. The so called "gig economy" means you can sign up with some of these services to help them read license plates. A camera is fitted to your car, and as you go about your business, data is accumulated. If you find a hit, and that hit is recovered, you get a small stipend.

One final twist - companies like DRNdata are using similar tech, but in their case, for marketing. They record cars in parking lots, and use that data for targeted marketing. For example, it will know how often you go to a specific store, and by cross reference car ownership with purchase data, can tell how often, and how much, you spend. This is then used for "targeted marketing".

But it doesn't end there. The DRNdata system is also known to record bumper stickers. This is also stored in the database. It has been used for political campaigns. For example, if it finds a concentration of a particular candidates bumper stickers, the party knows they have a stronghold and can target voters.

All this is happening, largely, because of this happening in "public spaces". Public spaces can also mean "anything goes", and tech companies are using their abilities to track you, for various reasons, without any consent being granted. They don't need consent, it's public!

Sorry for the long post - but what are your thoughts on this? People should just pay their bills? Hey, it is effectively public data? We're already being spied on?
 

I’m ok with sacrificing my privacy for the greater good as long as the people monitoring me use a bit of discretion and keep their giggling to a minimum.

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It seems like today we are no longer concerned with following the rules and obeying the laws as much as we are about the consequences of getting caught.
 
It seems like today we are no longer concerned with following the rules and obeying the laws as much as we are about the consequences of getting caught.

Hey, AB.

I don't think it's people not being concerned with following the rules - I think it's mostly people who have been badly affected by economy and find they can no longer afford their vehicles. To which will say, "Oh well, they shouldn't have bought the vehicle". The rapid rise in the number of repo's points to something more than a mass of people not wanting to follow rules, imo.

But the question goes beyond that - as I noted. It's all about public surveillance. There is a lot of concerns about that today, and this is an example where we are all being surveyed, in a data (so kept track of over time and held permanently) set then sold on to third parties.

It's not illegal, but it's worth looking at both sides of the coin, imo.
 

Hey, AB.

I don't think it's people not being concerned with following the rules - I think it's mostly people who have been badly affected by economy and find they can no longer afford their vehicles. To which will say, "Oh well, they shouldn't have bought the vehicle". The rapid rise in the number of repo's points to something more than a mass of people not wanting to follow rules, imo.

But the question goes beyond that - as I noted. It's all about public surveillance. There is a lot of concerns about that today, and this is an example where we are all being surveyed, in a data (so kept track of over time and held permanently) set then sold on to third parties.

It's not illegal, but it's worth looking at both sides of the coin, imo.
It’s a cold fact of life, if you can’t pay your bills or make payment arrangements you need to step up and sacrifice your collateral.

The rules need to apply no matter what the economy is doing.

Being broke doesn’t make you a bad person but being broke is much different than being a scofflaw.

“Only when the tide goes out do you discover who’s been swimming naked.”
-
Warren Buffet
 
It’s a cold fact of life, if you can’t pay your bills or make payment arrangements you need to step up and sacrifice your collateral.

The rules need to apply no matter what the economy is doing.

Being broke doesn’t make you a bad person but being broke is much different than being a scofflaw.

“Only when the tide goes out do you discover who’s been swimming naked.”
- Warren Buffet

We should remember that the "rules" are all man-made. Society allows them to stay in place, they're not God given. The economy is in bad shape. Repos are up. Repossessions of homes are up. Evictions are up. The system is breaking down, and part of the solution may be revisiting that system.
 
We should remember that the "rules" are all man-made. Society allows them to stay in place, they're not God given. The economy is in bad shape. Repos are up. Repossessions of homes are up. Evictions are up. The system is breaking down, and part of the solution may be revisiting that system.
I hear you and I see it differently but that’s ok.

I’m not a big fan of the every kid gets a T-shirt and a cookie for just showing up school of thought.

If people can live in a world without consequences why would anyone struggle to pay their bills and honor their obligations.
 
It’s a cold fact of life, if you can’t pay your bills or make payment arrangements you need to step up and sacrifice your collateral.

The rules need to apply no matter what the economy is doing.

Being broke doesn’t make you a bad person but being broke is much different than being a scofflaw.

“Only when the tide goes out do you discover who’s been swimming naked.”
- Warren Buffet
If you're rich, you can get away with being a "scofflaw." Just look at all the rich people who get away with fraud.
 
I hear you and I see it differently but that’s ok.

I’m not a big fan of the every kid gets a T-shirt and a cookie for just showing up school of thought.

If people can live in a world without consequences why would anyone struggle to pay their bills and honor their obligations.

No-one is advocating a world without consequences. What I'm talking about is a system - hijacked by the rich - that is destroying the lives of citizens. For example, it is estimated that a third of home sales in the US are going to investor groups, rather than individuals. This is a capitalist ideal - we all need a home - but it's not going to be good for society overall.

Our "norms" are a construct. Meaning, it's "normal" only in terms of the environment we've allowed.
 


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