You can run, but you can't hide!
I've never heard of this trend before, but according to USA Today, subprime borrowers buying a car are required to have a little box mounted under the car's dashboard that forces them to make payments on time.
A light on the box flashes when payments are due, and if the payment is not made on time, the box starts to beep until a four-digit code is punched in to reset the system. The only way to get this code is by making the payment, and if that payment is not made on time, the car won't start.
Apparently, customers hate them, while lenders love the little boxes because it lowers default rates.
Sekurus, the company who sells these boxes, has sold over 250,000 at $250, and its competitors are looking at ways to make these payment enforcement devices more efficient.
One company is selling wireless systems that sends text messages to the car, and another one is adding GPS functionality to the device to make it easy for lenders to repossess the car.'
I know times are tough for everyone, but is this really necessary?
Allan W Janssen is the author of the book The Plain Truth About God (What the mainstream religions don't want you to know!) and is available at the web site www.God-101.com
Visit the blog "Perspective" at http://Allans-Perspective.blogspot.com
A light on the box flashes when payments are due, and if the payment is not made on time, the box starts to beep until a four-digit code is punched in to reset the system. The only way to get this code is by making the payment, and if that payment is not made on time, the car won't start.
Apparently, customers hate them, while lenders love the little boxes because it lowers default rates.
Sekurus, the company who sells these boxes, has sold over 250,000 at $250, and its competitors are looking at ways to make these payment enforcement devices more efficient.
One company is selling wireless systems that sends text messages to the car, and another one is adding GPS functionality to the device to make it easy for lenders to repossess the car.'
I know times are tough for everyone, but is this really necessary?
Allan W Janssen is the author of the book The Plain Truth About God (What the mainstream religions don't want you to know!) and is available at the web site www.God-101.com
Visit the blog "Perspective" at http://Allans-Perspective.blogspot.com
Labels: car loans, lending, payment box, subprime loans
posted by Allan W Janssen | 9:35 a.m.
5 Comments:
I know you question it. But if it were your car that you had loaned out would you question it then? Some people always defalt on a loan. But with one of these in the car it might make it easier for them to get a loan in the first place.
I vote yes for them.
,
Actually I secretly agree with you but don't tell anyone!
What? I've never heard of this!
Big Brother is into everything.
Not surprising, considering how people are getting in this country. Our so called "best system" is built on creating a hunger for more and better at the expense of poverty and taking extra jobs. We have the "most and best" in the world (except for health care, in which we are 37th from the top in the world; isn't that shameful) but we are being made slaves to greed in the process. And world wide, we are admired for it. Wow, what a ridiculous situation. This is why so many women are working ("to make ends meet") at the expense of their children, their family, and society as a whole. Personally, I will not buy a car that has such a device. If the seller doesn't trust me, I won't trust him/her. It is a two way street.
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