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Lender Systems sets up company in Colombia


La República, April 12, 2010

 

Failing to make a payment on a car loan will no longer be a problem.

 

As of May, Colombian citizens can get the I-Pay device, an electronic system created by US multinational Lender Systems, to inform the driver of the vehicle of the date to make the payment.

 

What's original about the mechanism is that, if the driver does not make the payment on the loan, as established for that month, the I-Pay system blocks the car ignition, preventing it from being driven.

 

To market the device, Lender Systems, a company specializing in asset management, payment protection and AVL (Automatic Vehicle Location) solutions, set up Intellitech with an initial capital of 76 million pesos. This amount will be increased after the company's fourth month of commercial operation.

 

Lender Systems' representative in Colombia, Yomaira Carrillo, clarified that the I-Pay system will be marketed by finance companies and dealers with loan portfolios.

 

"We are taking the final steps to sign the operating agreement with three finance companies. The system will reduce the percentage of clients in arrears because people will not be able to drive their cars until they make the payment on their loan", said Carrillo.

 

According to a study conducted by CNW Marketing Research, arrears in companies with this system in the US and Canada dropped from 27.1 percent to 2.27 percent.

 

The I-Pay will be installed until the driver finishes paying off the loan. Carrillo pointed out that it has not yet been defined whether or not finance companies will charge clients for the cost of the system. In any case, the companies will pay Intellitech an initial amount of 249,000 pesos, plus an additional 50,000 pesos per month for each device.

 

 

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