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.
 
The tech has been in cars to track especially if leased or still owned by the bank/not paid off.

I've seen people leave their car running hours on end and when I tell them their car is running their response is silly me. I later found out that some people leave the car running because repossessers/repo men won't chase a vehicle with a running engine because they assume it will be traveling soon. Those neighbors I told turned out to be big druggies and partiers ie probably not paying bills.

Car gps/locator signals also interfere with my tv reception after they drive by if the atmospheric conditions are right or antenna is off. Some days it's like nobody owns a car in the neighborhood
 
Between having one of the highest state gas taxes in the nation, and a carbon tax that currently adds 50 cents a gallon to the price for gasoline a lot of lower income people are finding the cost of owning a car to be higher than they can afford. The sales tax is now over 10%, so if a person buys a $12,000 used car to replace the old clunker, that’s another $1200 in sales tax that is added on. Tabs for that car will be at least $250 a year over half of it to help pay for the massively over budget rail system that is being constructed.
 
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.
I find this very concerning. When I moved into this neighborhood 40 years ago, it was exclusively populated by single family homeowners. REITs or others have purchased a number of homes as they've gone up for sale, and now many of these homes have become rentals.

I don't even want to talk about how many rental ADUs (Additional Dwelling Units) have sprung up in the neighborhood, as well.
 
I find this very concerning. When I moved into this neighborhood 40 years ago, it was exclusively populated by single family homeowners. REITs or others have purchased a number of homes as they've gone up for sale, and now many of these homes have become rentals.

I don't even want to talk about how many rental ADUs (Additional Dwelling Units) have sprung up in the neighborhood, as well.

It's an issue in the UK now. I'll simply copy and paste a Google result:

"High occupancy houses, known as Houses in Multiple Occupation (HMOs) in the UK, are properties rented by at least three people from more than one household who share facilities like kitchens or bathrooms, requiring landlords to meet specific safety and licensing standards, with larger HMOs (5+ occupants) needing mandatory licensing. These properties offer higher cash flow for investors but come with extra regulations for fire safety, electricals, and minimum room sizes to ensure occupant safety, with local councils overseeing compliance
 
It's an issue in the UK now. I'll simply copy and paste a Google result:

"High occupancy houses, known as Houses in Multiple Occupation (HMOs) in the UK, are properties rented by at least three people from more than one household who share facilities like kitchens or bathrooms, requiring landlords to meet specific safety and licensing standards, with larger HMOs (5+ occupants) needing mandatory licensing. These properties offer higher cash flow for investors but come with extra regulations for fire safety, electricals, and minimum room sizes to ensure occupant safety, with local councils overseeing compliance
ADUs are quite different. They tend to be converted garages, prefab homes, or additional houses built on a residential lot. They're either freestanding or share a wall with the existing house.

Each ADU has its own entrance, kitchen and full bathroom. This one isn't far from me and is fairly typical. 400 square feet so it's almost certainly a converted 2 car garage. Asking rental price of $2000/month.

main area.jpg

Bathroom.jpg
 
ADUs are quite different. They tend to be converted garages, prefab homes, or additional houses built on a residential lot. They're either freestanding or share a wall with the existing house.

Each ADU has its own entrance, kitchen and full bathroom. This one isn't far from me and is fairly typical. 400 square feet so it's almost certainly a converted 2 car garage. Asking rental price of $2000/month.

That doesn't look too bad! Similar to what we call "Studio flats". Except the ones in the UK tend to have black mold in every corner.
 
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?
Before I get started, I am very much into privacy, like 100%. Stick me back into the 1970s, when we had a lot more of it.

A friend told me that the modern cars we drive (which I did until I fell into 2004) record where we go. Like a permanent record of google maps. And that loan companies can access where a car is by tapping into that.

Don't know if that is true. Don't care ... if there is technology in my car, I haven't found it.

I am acquainted with a homeless person in California whose car was repossessed a month ago. It is hard to figure out where a homeless person is located, much less their car. Somehow, the finance co. found it.
 
ADU’s can be both a blessing and a curse.

The addition of an ADU can help people afford to stay in their homes but they can also change the character of a neighborhood.

Vicki Robin coauthor of Your Money or Your Life lives in a fairly exclusive area and has been a big proponent of ADUs to create a sort of natural retirement community for both renters and homeowners.

Blog – Vicki Robin
 
Before I get started, I am very much into privacy, like 100%. Stick me back into the 1970s, when we had a lot more of it.

Sadly, if the government has a time machine, they're not sharing it. ;)

I am also pro privacy. With that said, I also accept there are instances where people will use this right to cause mayhem in our communities. There are a lot of laws that I wish weren't necessary, but it is what it is.
 
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".
We're already being spied on?
An informative post indeed. George Orwell's novel, "Nineteen Eighty-Four," is centrally a cautionary tale about a totalitarian state exercising complete control and mass surveillance over its populace. The term "Big Brother" has since become a universal metaphor for government abuse of power and the erosion of privacy.
Surveillance is big business, credit cards, loyalty cards, cashless payments by phone or other electronic gizmo, all get collected, and we all get profiled. Those profiles are then bought and sold, all without our knowledge or permission. It's why I still pay in cash, because cash is anonymous. When cash becomes history, George Orwell's foresight will come about.
 
An informative post indeed. George Orwell's novel, "Nineteen Eighty-Four," is centrally a cautionary tale about a totalitarian state exercising complete control and mass surveillance over its populace. The term "Big Brother" has since become a universal metaphor for government abuse of power and the erosion of privacy.
Surveillance is big business, credit cards, loyalty cards, cashless payments by phone or other electronic gizmo, all get collected, and we all get profiled. Those profiles are then bought and sold, all without our knowledge or permission. It's why I still pay in cash, because cash is anonymous. When cash becomes history, George Orwell's foresight will come about.

I have seen what I perceive as an embracing of totalitarianism in modern times. There certainly seems to be a move away from our leaders representing all of us, rather than just those who voted a certain way. Add in the sad state of affairs where people vote for personalities and mantras rather than specific policies, and you have the potential for bad things to happen.
 
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.
Those groups can each own tens of thousands of houses.
 
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.
Yeah, but catching someone doing something illegal, or before they do it, shouldn't involve the 99+% of the people who are not doing it to the extent of seriously violating their privacy. Whether one agrees or disagrees with me doesn't matter because I do not have the power to change these things!
 
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
Well, what if the scofflaw needs the car to get to and from work? Lots of people live in places that have no public transportation. I live in a large metro area and there is no public transportation I can take to work if I needed to.

Anyway, that scofflaw would be desperate to hide their car, and I can understand why.
 

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