Miss a payment? Your car stops running

[Vic]

The cost of such a device and labor to install would only be beneficial to higher end vehicles, not a 2005 Chrysler Vans. Not to mention, it really would not take much effort to disable and or remove this type of device in just a few minutes.

The borrower pays for the cost of the device as part of their loan fees. Intentionally disabling the device will accelerate the note.

Like I said, don't like it, don't sign.

 

[fskimospy]

The borrower pays for the cost of the device as part of their loan fees. Intentionally disabling the device will accelerate the note.

Like I said, don't like it, don't sign.

Exactly. The devices are shitty and I'm sure it's demeaning, but the agreements actually come right out and state that you are free to pursue a lender that doesn't have such a requirement.

 

[highland145]

Exactly. The devices are shitty and I'm sure it's demeaning, but the agreements actually come right out and state that you are free to pursue a lender that doesn't have such a requirement.

Maybe but so is the clientele's credit.

 

[nehalem256]

Rather than shut off on the day after payment is due, just do like credit card companies. If it is paid before say 30 days, you just get charged a late fee. If after a grace period, payment (or, at least, contact) hasn't been made by the debtor, then the lender can issue the shut off.

Well as we learned from Detroit's water issues the fastest way to get payment is to shut off service.

 

[Pantoot]

Now if only they can figure out some way to tie this into auto insurance payments. Don't have current auto insurance? Car won't start.

 

[smackababy]

Now if only they can figure out some way to tie this into auto insurance payments. Don't have current auto insurance? Car won't start.

And, add a drivers license swiper! And, a breathalyzer.

 

[nageov3t]

Now if only they can figure out some way to tie this into auto insurance payments. Don't have current auto insurance? Car won't start.

what if you're on a private road, though?

 

[highland145]

what if you're on a private road, though?

eminent domain that crap.

 

[Zaap]

Sounds really stupid and excessive to me. Also (as much as I may not personally agree with it) it sounds like an eventual lawsuit of tremendous proportions when someone argues successfully that they were put in harm's way.

What's wrong with the good ol' fashioned repo-man? And a smart kill switch is simply one that a human triggers while the car is sitting safely at a residence ready to be repo'd.

Trying to automate the process is just lazy and stupid.

 

[highland145]

Sounds really stupid and excessive to me. Also (as much as I may not personally agree with it) it sounds like an eventual lawsuit of tremendous proportions when someone argues successfully that they were put in harm's way.

What's wrong with the good ol' fashioned repo-man? And a smart kill switch is simply one that a human triggers while the car is sitting safely at a residence ready to be repo'd.

Trying to automate the process is just lazy and stupid.

No. It's about helping people with shitty credit. Otherwise they'd be walking.


And about the bottom line, of course.

 

[smackababy]

Can we just get rid of all the poor people already? Send them to one of the "developing nations" like China or India. Let them have their shitty credit scores there!

 

[MrPickins]

Like I said, don't like it, don't sign.

Pretty much this.

 

[Zaap]

No. It's about helping people with shitty credit. Otherwise they'd be walking.

A gazillion better ways to do that.

 

[werepossum]

All for this with one major exception: cannot shut off the car when running. Just disabling the starter should suffice. No one gets put in harm's way then.

This, exactly. Remotely shutting down the engine is a monstrously bad idea. Disabling the starter is a good idea.

 

[smackababy]

A gazillion better ways to do that.

Like how exactly? It sure ain't giving them great deals with high risk. They have bad credit due to poor decisions they've made in the past. They are high risk for a reason. If they cannot accept that this additional risk being taken on comes with consequence (like missing a payment and having your service suspended), they can not accept the loan.

 

[werepossum]

YMMV. Once we've sent a notice of default, it can be picked up anytime it's past due but we never did unless it was 2 months.

I do not miss that at my old job.

Yeah, it varies. We have a buy here - pay here guy locally who advertises wearing a chicken costume. He absolutely pops cars one day late, well before the notice can arrive. Once popped the entire note comes due as well as $100 daily storage fee. I had a coworker whose car was popped one day late and I took him over to pick it up, $300 storage on a $1,200 car, as he had to get a family member to wire him the money to pay it off. Probably most of the time the dealer just resells the car and keeps the payments as storage and repo fees.

Flip side is my buddy had crap credit and absent such lenders, could never have had a car. Without a car it's highly unlikely (though not impossible at his draftsman level) that he would have been hired.

 

[highland145]

Like how exactly? It sure ain't giving them great deals with high risk. They have bad credit due to poor decisions they've made in the past. They are high risk for a reason. If they cannot accept that this additional risk being taken on comes with consequence (like missing a payment and having your service suspended), they can not accept the loan.

This, Zaap. How about a list of 5?

Yeah, it varies. We have a buy here - pay here guy locally who advertises wearing a chicken costume. He absolutely pops cars one day late, well before the notice can arrive. Once popped the entire note comes due as well as $100 daily storage fee. I had a coworker whose car was popped one day late and I took him over to pick it up, $300 storage on a $1,200 car, as he had to get a family member to wire him the money to pay it off. Probably most of the time the dealer just resells the car and keeps the payments as storage and repo fees.

Flip side is my buddy had crap credit and absent such lenders, could never have had a car. Without a car it's highly unlikely (though not impossible at his draftsman level) that he would have been hired.

Yeah, there are some shit holes in the industry and I don't condone kicking some guy when he's down. But there's a cost of doing business with certain credit risks and it get's carried by the rest of the customers. I'm charging off ~10%/year but it is what it is.

 

[Zaap]

Here's a list of one and all that's needed (plus I already said it): repo the car. Properly. While its sitting at a residence. Same way its always been done. All the bullshit auto-disable crap is stupid and unnessisary just someone must think its trendy right now.

 

[MtnMan]

If your credit rating sucks because you suck at paying your debts, then you should be kept on a short leash with the car you owe money on.

 

[highland145]

Here's a list of one and all that's needed (plus I already said it): repo the car. Properly. While its sitting at a residence. Same way its always been done. All the bullshit auto-disable crap is stupid and unnessisary just someone must think its trendy right now.

Ever done this yourself? Understand the costs/risks? Other than south beach tow. Ever financed a car to some 3rd party? Ever been financially vested?

And no, it's not trendy. The guy I talked with in Darlington was 10+ years ago.

So how about a bizillon-1 better options. Or let's say 4. There's a reason for the industry... 800 fico scores ain't it.

Edit: Do you not understand that people hide the cars, that the legal system is not looking out for the business owner?

Edit2: What do you do for a living?
Me
<-----

 

[sportage]

This is outrageous.
Its like having the car not run because the owner failed to put in gas.
We need free gas. If you own a car, the lack of gas should not hinder its operation.
Right?

When you fail to pay your satellite TV bill, no TV.
Fail to pay your electric bill, no electricity.
Fail to pay your cell bill, no texting.
Fail to pay your grocery bill, well u get the idea.

 

[Vic]

Here's a list of one and all that's needed (plus I already said it): repo the car. Properly. While its sitting at a residence. Same way its always been done. All the bullshit auto-disable crap is stupid and unnessisary just someone must think its trendy right now.

This is not something new.

 

[master_shake_]

holy cow it's a starter kill they just cut your 12 volt starter line and put it on a relay so it stays closed

then if you miss a payment they turn it on remotely opening the circuit.

i wonder how they do newer cars with pts and all?

also you could still technically bump start a manual.

i've taken out plenty of the stupid things.

more hassle than they are worth.

 

[Zaap]

Ever done this yourself? Understand the costs/risks? Other than south beach tow. Ever financed a car to some 3rd party? Ever been financially vested?

And no, it's not trendy. The guy I talked with in Darlington was 10+ years ago.

So how about a bizillon-1 better options. Or let's say 4. There's a reason for the industry... 800 fico scores ain't it.

Edit: Do you not understand that people hide the cars, that the legal system is not looking out for the business owner?

Edit2: What do you do for a living?
Me
<-----

You seem to be under the delusion the car is going to deliver itself back to the lender. You have to repo it in any case. You just don't need any bullshit auto-disable.

 

[dmcowen674]

Can we just get rid of all the poor people already? Send them to one of the "developing nations" like China or India. Let them have their shitty credit scores there!

That would be awesome and leave the rich behind to fend for themselves.

It would be chaos in a heartbeat.