_ai%20(1).png)
ASPEN NEWS
A Monthly Guide to Trends, Insights, and Solutions in Equipment Finance
May - 2025
Keeping Track: Why GPS Installations
Matter in Equipment Finance
Article developed in collaboration with PassTime, a leading provider of GPS solutions for asset protection and recovery.
In equipment finance, knowing where your collateral is, and that it’s being used as agreed, can make or break a deal. GPS technology has become essential not just for location tracking, but for adding confidence to credit decisions and supporting timely recovery when needed.
These systems offer real-time insight that helps lenders and asset managers mitigate risk, improve collections, and protect high-value equipment across the life of the loan.
This article highlights how the right GPS provider can make a measurable difference in equipment finance operations.
Why It Matters
When financing mobile assets, trucks, trailers, or heavy equipment lenders are trusting that the asset remains where it should be. GPS helps reinforce that trust. With the right tools in place, credit and servicing teams can:
Confirm asset location in real time
React quickly to missed payments or warning signs
Support collections with accurate, location-based data
Shorten time and reduce cost in the event of recovery
In subprime or high-risk lending, GPS adds an extra layer of protection, strengthening both underwriting and servicing strategies.
Why PassTime
PassTime has been a leader in GPS collection and recovery technology for over 30 years, known for product reliability, high quality, and dedicated customer service. Their GPS solutions are designed to be scalable, easy to implement, and effective across a wide range of vehicles and equipment types, removing complexity for dealers and lenders alike.
At Aspen, we’ve partnered with PassTime to bring those capabilities into the field. Our team supports installation and activation, ensuring the GPS unit is tested, functional, and in place before equipment is handed over to the borrower. It's a critical step that gives both sides peace of mind
More Than Just Tracking
PassTime’s wireless GPS, paired with field support from Aspen, creates a reliable system that allows lenders to act faster and with more certainty. Instead of chasing paperwork, teams can rely on data like:
Geo-fence alerts
Abandonment alerts
Location history and summaries
These insights validate that equipment is where it should be and identify red flags before they become problems, reducing recovery time, cost, and uncertainty. Built for the Real World Lending isn't just about the data but using the right tools to protect deals and relationships. GPS done right supports both lender confidence and borrower accountability.
What the Experts Are Seeing
To dig deeper into how GPS is evolving in the Equipment Finance world — and how lenders are using it today — we spoke with Kevin Carr, Vice President of Financial Services at PassTime. Here's what he had to say about real-world GPS use, lender trends, and why installation support matters more than ever:
In your experience, how does GPS data contribute to earlier interventions, not just repossessions, but to things like preventing defaults or identifying at-risk accounts sooner?
Lenders leverage vehicle location data to verify applicant details, such as proof of residence and employment, especially for out-of-state or borrowers showing out of the country (Mexico or Canada). For lenders financing owner-operators like truckers, monitoring alerts like the "Abandonment alert" is crucial. This alert signals when a truck remains stationary for 14 days, indicating potential issues.
Non-moving trucks raise two primary concerns:
Truck Inactivity: A stationary truck may imply the driver is not working, leading to payment challenges. This lack of income could impact timely truck payments, serving as an early warning sign.
Location Concerns: If a truck is stranded at a mechanic shop, it likely indicates breakdown issues. Repair costs, coupled with lost income, could escalate, possibly resulting in a Mechanics Lien against the lender.
In cases of reported vehicle theft, Lenders step in to support their borrowers. The device transforms into a Stolen Vehicle Recovery solution, enabling collaboration between lenders, PassTime, and Law Enforcement to swiftly recover the stolen vehicle on behalf of the borrower.
With so many GPS solutions in the market, how should lenders evaluate which technology best fits their business model, especially when it comes to compliance, automation, and scale?
Equipment finance companies have diverse needs based on the type of equipment they handle and finance. When dealing with trailers, reefers, containers, or equipment without a power source, a wireless GPS solution proves to be the optimal choice for effective management and tracking. The same for companies seeking solely vehicle location data, wireless GPS stands out as the most efficient solution.
In scenarios where lenders require detailed mileage and location data on a daily or monthly basis like leasing companies, the use of a wired GPS device becomes essential. Additionally, for collection and recovery processes involving higher risk borrowers or higher-risk situations, implementing a Starter Interrupt feature through a wired GPS device can serve as a proactive measure. This technology compels delinquent borrowers to either fulfill their payment obligations promptly or engage in a discussion regarding their payment status before any repossession actions are taken.
PassTime’s EVP of Compliance & Regulatory Affairs, Corinne Kirkendall, is available to support clients with questions around policies, processes, and best practices. The company mantain's regular engagement with federal regulators and state attorneys general, fostering awareness and addressing any questions or concerns related to GPS and starter interrupt compliance. PassTime provides borrower disclosures across markets and industries, helping lenders navigate compliance requirements effectively. Creditors should always consult with their legal and compliance teams when implementing a GPS solution, to ensure regulatory adherence.
How has the demand shifted between hardwired, wireless, and mobile solutions, and what does that say about how lenders are operating today? In the Commercial Finance industry, a notable transformation has taken place over the last 6 years. We have seen our lender clients move from wired GPS to wireless making up about 80% of the market now requiring wireless GPS. Because of our extended battery life, dependability, and ease of implementation, PassTime wireless has given lender the confidence to move from wired GPS allowing them to validate GPS is working and funding loans faster for their dealers.
The transition to wireless technology has led to a widespread adoption of GPS among lenders who previously hesitated to use it. The simplicity of implementation, the reliability of the data, along with the help of Aspen installation service have made GPS solutions a logical choice for many.
Unlike wired GPS, which involves intricate wiring tasks, wireless systems offer a hassle-free alternative. This eliminates the need for dealers to handle complex installations or rely on costly national mobile installers that can take up to 10 days to complete the setup, causing delays in the funding process and creating challenges for lenders, dealers, and borrowers.
The efficiency of wireless technology is evident as lenders are now extending the use of GPS from C-D credit loans to upper B credit borrowers. This shift is driven by the enhanced data utilization, providing better portfolio protection and security for borrowers in case of theft incidents. Lenders collaborate with Law Enforcement using GPS to recover stolen vehicles and equipment, ensuring added safety and peace of mind for all parties involved.
What role do you see GPS playing in the future of portfolio management, especially when combined with field services like inspections or site visits?
Growing. Last year we saw over 40% growth in Commercial Equipment Finance business and lenders continue to seeking faster ways to get devices on equipment which only means more growth and business for Aspen. The need for a solid 3rd party installation/inspection service crucial to the business to ensure the devices is installed properly and fast!
WOULD YOU LIKE TO
BE FEATURED IN OUR
NEWSLETTER?