Hire Purchase
Insurance lapses and silent GPS: the two ways an HP book loses the asset
Practical controls for vehicle and appliance hire purchase in Ghana: insurance expiry, GPS last-seen, watchlists, and what to do before repossession.
Abena Owusu, Product Strategist · 4 January 2026 · 14 min read
Hire purchase risk is not only arrears. A customer who pays on time with expired comprehensive cover, or a tracker that has not pinged in ten days, is a residual-value problem. Institutions that only watch PAR miss the units that will be written off after a crash or a disappearance.
Put insurance expiry and GPS last-seen on the same agreement row as the schedule. Alert HP specialists before the policy lapses. Do not wait for a claims desk to discover you financed a ghost.
Watchlists that people actually open
A watchlist with two hundred rows is a screensaver. Rank by residual at risk, days since GPS, consecutive misses, and insurance days-to-expiry. Give the specialist a call script and a field visit, not another pie chart.
- Insurance expiry as a blocking alert, not a footnote.
- GPS silence longer than your policy (for example 72 hours) as a queue.
- Photographs and chassis on the agreement, not in WhatsApp.
- Repossession only after documented notices.
Appliance books are not vehicle books
A fridge does not have a tracker. Serial, delivery photo, and a field visit are your controls. Do not copy the vehicle SOP and wonder why it fails. Product configuration in OrbitMFI exists so appliance HP does not inherit chassis fields it cannot fill.
Board metric
Report units with lapsed insurance and silent GPS every month, in cedis of residual. If that number is rising, collections is not your only problem.
