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Vehicle Recovery Warranty

Summary of Plan Features/Benefits

STARS GPS is proud to offer a remedy and protection like no other. This Warranty is offered to cover Theft and Skip. Below is a summary of how your asset is protected like never before.

Theft
Covers your vehicle if stolen from the lot within the first 60 days following installation of the unit.
In the event of theft you should;
  1. File a police report as soon as you discover the vehicle missing.
  2. Submit your claim at http://fair-forms.com/forms/skip-claim-form/index.php
  3. Diligently attempt to recover the vehicle for 30 days using the GPS and any other methods available.
  4. After your initial 30 day search, the Warranty Company may take up to 90 days to attempt recovery.
  5. If recovery is unsuccessful, payment will be issued as outlined in the Warranty, and is the lesser of $10,000, the Actual Cash Value, the amount paid for the vehicle, or the deductible of any other insurance coverage.

Skip
Covers your vehicle in the event your customer defaults on their contract payments. A payment default occurs, and creates delinquency, when a payment is not made upon the due date. This Warranty is designed to allow for, and consider that, a working relationship may exist between you and your customer with respect to partial payments made on their account, and recognizing that you are trying to allow the customer to ‘catch up’ on their delinquency. Default occurs when a payment is one dollar late. For the purpose of this Warranty, default is defined as no payment having been received for 30 days that is not at least 25% of the regular payment amount owed. This time period for the measurement of delinquency is crucial. Do not allow your customers payments to fall below this without initiating a claim. In this instance you should;
  1. Submit your claim at http://fair-forms.com/forms/skip-claim-form/index.php
  2. For 30 days, use all efforts available to locate the vehicle and/or borrower(s).
    1. Use the GPS and history provided on the account.
    2. If known, contact the last employer, and previous employer.
    3. Contact all references given and any known relatives and friends.
    4. Contact any other known Creditors and ask for information to assist in locating borrower(s).
    5. If required by your Municipality, file the necessary documentation to legally pursue recovery of the vehicle, borrower, co-borrower(s), and guarantor(s).
    6. a – e above are required. You may also want to assign the vehicle to a repossession and/or skip trace company. This will only increase your chances for success and a quicker resolution.
      This initial 30 day collection period is crucial. Be diligent, consistent, and persistent daily with your collection/recovery efforts. It is your most opportune time to affect payments/recovery. The more time that elapses, the more likely it is not to have success with payments/recovery. Document, in writing, all your efforts.
  3. After your initial 30 day search, the Warranty Company may take up to 90 days to locate the vehicle/Borrower(s). All documentation must be submitted as required for the claim.
  4. If location of the vehicle or borrower(s) by the Warranty Company is unsuccessful, payment will be issued as outlined in the Warranty, and is the lesser of $10,000, the Actual Cash Value, or the payoff amount of the loan.

In general;

  1. The unit must be installed no later than 180 days from date of purchase.
  2. The Silver Warranty is standard with the purchase on all units.
  3. The Silver Warranty period is for 12 months from installation date.
  4. The Gold Warranty period is for 24 months from installation date. If the Gold Warranty is selected, a corresponding cellular plan for that unit must be at least a minimum of 24 months.
  5. The Warranty is transferrable, but only with the express written consent of STARS GPS. This may yield a benefit in the event a loan is sold as it may tend to increase the portfolio value.
  6. The Theft portion of the Warranty may allow for reduction of insurance premiums. Check with your carrier and remember that you may want to increase the deductibles for theft, which also should reduce premiums.

This Summary of Features/Benefits for our Warranty Program is given for information and education purposes only, and is just a summary. Please refer to the actual warranty document for complete details.

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