How License Plate Recognition Software is Used to Help Repossess Cars with Money Owned to Banks
LPR or popularly known as License Plate Recognition is a picture processing system utilized to determine cars through plate numbers.This system is utilized in different security and traffic uses similar to access control technology. Moreover, it is also used to help repossess cars with money owned to banks.
LPR is gaining popularity when it comes to traffic installations and security measures. The technology concept presumes that all cars already have the individuality shown, so no extra transmitter is needed to be set up on the vehicle.
How License Plate Recognition Works
LPR utilizes illumination like infrared and a camera in order to take a shot of the rear or front of the car, then a picture processing program is used to examine the pictures and extract information such as a plate number. This information is utilized for enforcement, data collection, utilized to open gates when the auto is authorized or keep time records on the exit or entry for auto payment calculations.
The Benefits of License Plate Recognition
Current enhancements in software technology have made License Plate Recognition system much more dependable and popular. Now, you can find this technology in many areas of parking lot management, tollbooths, and various automating segments, particularly in the car loan business.
The significant benefit of this system is that it can keep a picture record of the car and use it to fight fraud and crime. A lot of banks and organizations also find this system valuable in looking for those with outstanding auto debts and helping them to repossess cars for existing creditors.
How exactly banks and other car loan companies benefit from LPR
Today, a lot of car loan holders fail to pay their existing balances and most of them are hard to find. In spite of the collective efforts such as calling, writing letters, or sending email notifications, a lot of car loan holders simply ignore the communication. Banks and car loan providers now have a new tool with the advent of License Plate Recognition.
Repossession brokers or agents gain from this system due to the fact that they receive a rapid automatic alert once the camera picks up a car wanted for repossession. This reduces the time involved in hunting or calling car owners to remind them about their existing debt.
Once this LPR alert it sent, the financial institution can use it to locate the vehicle and reposes it. This data can then be sent in seconds to a regional repossession team. In many cases a person’s vehicle can be recovered within the same day it was spotted, and in some cases within hours.
In summary, License Plate Recognition is a very powerful and useful program that is not just valuable in traffic cases and security measures. Now, it can be used to track, monitor and repossess cars with money owned to banks. This system makes repossessing the car faster and easier for the banks and lien owners.