Sekurpay device for Auto Loan Default
In UAE, a unique electronic gadget has just been launched – the Sekurpay device. It is a device supplied by Sekurus International, whose research and development center is based in Dubai.
The Sekurpay device was designed to prevent drivers from defaulting on car loans. It is fitted to a vehicle and reminds the borrower with a flashing light when a payment is due. It also disables the ignition system when the cash is not paid. It can also remotely immobilize the cars that have been reported stolen.
Currently, there are two loan subsidiaries of leading banks and several hire companies in the UAE that have adopted the system. It is also used in banks, rental companies and car dealers across the Middle East.
According to CEO Basel Al Saleh, “The rate of auto loan default is high in the region.” “So, many banks and financial institutions are using the system with the approval of the customer… Around 10,000 cars are equipped with this device in the Middle East – in the UAE, Saudi Arabia, Egypt and Iran. We have sold one million units all over the world,” he added.
Saleh also said, “In the absence of a credit bureau in the UAE, banks and car dealers are in the dark about the credit history of customers. With this system they can control the use of a vehicle. The device will never stop a running car but can prevent the engine from being restarted. Rental firms use it to control customers who are late with payments.” “Company fleet operators can use the system to stop staff using cars outside office hours,” he continued.
With the same size as a cigarette pack, the device is mounted under the steering column. The bank or car dealer provides their customer a six digit code, which is being tapped with the use of a keypad on the device.
A flash of green light signifies that payments are up to date. When it turns yellow, the installment is due.
The number on the keypad that flashes indicated the days before the date on which the car is due to be disabled.
If payments are not settled, the car will eventually cease to start.
On the other hand, if the payment is made, a new code is being provided to allow continuous usage of the car until the next installment becomes due.
If the device is illegally removed, there is an anti-tamper circuit that will disable the ignition. Abdul Rasheed, manager of Al Naser Rent A car of Dubai, one of the companies using the device, said, “We have installed the device in 100 cars. Some customers use a vehicle after the expiry of the agreement. If a customer does not return a car we can immobilize it.”
Well, based on testimonials, the device seems to be really efficient in preventing car loan default. Excellent technology!
The Sekurpay device was designed to prevent drivers from defaulting on car loans. It is fitted to a vehicle and reminds the borrower with a flashing light when a payment is due. It also disables the ignition system when the cash is not paid. It can also remotely immobilize the cars that have been reported stolen.
Currently, there are two loan subsidiaries of leading banks and several hire companies in the UAE that have adopted the system. It is also used in banks, rental companies and car dealers across the Middle East.
According to CEO Basel Al Saleh, “The rate of auto loan default is high in the region.” “So, many banks and financial institutions are using the system with the approval of the customer… Around 10,000 cars are equipped with this device in the Middle East – in the UAE, Saudi Arabia, Egypt and Iran. We have sold one million units all over the world,” he added.
Saleh also said, “In the absence of a credit bureau in the UAE, banks and car dealers are in the dark about the credit history of customers. With this system they can control the use of a vehicle. The device will never stop a running car but can prevent the engine from being restarted. Rental firms use it to control customers who are late with payments.” “Company fleet operators can use the system to stop staff using cars outside office hours,” he continued.
With the same size as a cigarette pack, the device is mounted under the steering column. The bank or car dealer provides their customer a six digit code, which is being tapped with the use of a keypad on the device.
A flash of green light signifies that payments are up to date. When it turns yellow, the installment is due.
The number on the keypad that flashes indicated the days before the date on which the car is due to be disabled.
If payments are not settled, the car will eventually cease to start.
On the other hand, if the payment is made, a new code is being provided to allow continuous usage of the car until the next installment becomes due.
If the device is illegally removed, there is an anti-tamper circuit that will disable the ignition. Abdul Rasheed, manager of Al Naser Rent A car of Dubai, one of the companies using the device, said, “We have installed the device in 100 cars. Some customers use a vehicle after the expiry of the agreement. If a customer does not return a car we can immobilize it.”
Well, based on testimonials, the device seems to be really efficient in preventing car loan default. Excellent technology!
posted by Patti @ 9:53 PM
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