DUBAI — In a move that helps to address one of the biggest problems facing all auto dealers and finance companies, Dubai-based Erad LLC, has announced that its On Time device is now available to financial institutions throughout the UAE.

Its partner Special Sentinel Trading LLC, is offering the On Time total solution to ensure timely collection of customer payments. The On Time payment Protection solution is used extensively throughout the US, Canada, Mexico, UK and Cyprus by lending institutions that provide automobile financing to individuals who have no credit history or sub-prime and/or are high credit risks.

Installed under a car's dashboard, On Time is an electronic unit that tracks payments and prevents a vehicle from starting if a customer's scheduled payment is not made on time. "We are in the process of expanding our international distribution network as more and more financial institutions around the globe realise the bottom-line benefits of the On Time system as a credit enhancement tool," said Basel Al Salah, CEO of Erad and Vice-President of International Operations & Technology Solutions of Sekurus, Inc. the founders of the On Time System.

"This latest move represents an exciting new opportunity for us, and we look forward to providing our system to organisations throughout the UAE and the Middle East where we have based our solution development and international distribution head quarters out of Dubai." There are currently more than 1,200,000 On Time devices being used by car dealerships throughout world wide assuring payment on more than $2.6 billion of auto loans. As a result, financial institutions and auto dealers have reported significant decreases in late payments and repossessions. In many instances, delinquency and repossession rates have dramatically dropped to levels lower than three per cent, as compared to previous American industry averages that range between 20-30 per cent.