Thursday, May 07, 2009

a lender controlled shutdown device for your car as a requirement for your car loan...

ABC news

Elliot Munoz of St. Louis, Mo. knows that he better not be late on his car payment, or his car will not run thanks to a device that has been installed in his vehicle that will remind him that his monthly payment is due. If he is late on his payment, the car will automatically be disabled.

Munoz is part of a small group of drivers whose car loans are becoming attached with a digital leash.
"When you get near to your payment, it starts flashing red," Munoz, a steelworker said. "You might be busy, but you get in and you see light flashing red and it catches your eye."

one of the theories behind the usage of the device is unlike a mortgage, financing a car is a greater risk than a mortgage simply because it's easier to hide a vehicle from the repo man then it would be somebody's house.
"They own the car and if people aren't paying for it, they want the car back," said Jack Nerad, market analyst for Kelley Blue Book. "Borrowers are very frequently pretty resourceful at keeping cars away from lenders, even if they haven't paid for them."

5 Comments:

Blogger Bobkatt said...

This could create a real problem for borrowers and loan companies. Owners being left stranded and cars being abandoned God knows where. At least the car owner might have a chance to get his belongings out of the car before it is towed unlike now where they steal your car and hold your stuff as ransom.

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