Miss a payment? Your car stops running

[LegendKiller]

Exactly. If you don't pay, you don't have a right to drive the vehicle, so I have no problem with the lender simply disabling it until you do pay. It's kind of like putting one of those boots on a car for parking violations.

The idea of shutting the vehicle down while it's running is an incredibly stupid one. I'm amazed lenders would subject themselves to that kind of liability. Can you imagine the amount of money they'd be sued for if a vehicle got turned off while driving on the highway and plowed into other vehicles?? They'd get sued by the borrower (the driver), but they'd also get sued by every other vehicle on the road, not to mention criminal charges of reckless endangerment. Who in the world would authorize such a thing? Idiots.

Guess they'll learn their lesson soon enough, there's going to be some massive suit and they'll change the process in a hurry.

They don't. Sounds like the person wants some money.

 

[LegendKiller]

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.

Repo is dangerous, costs a decent amount, and can be avoided for a long time.

 

[LegendKiller]

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.

Not really. It probably doesn't cost much if bought/installed in bulk and once it is installed it can probably be switched between lenders at auction.

 

[LegendKiller]

I end up talking to a lot of deeper subprime auto guys. This simply reduces transaction costs for everybody, especially good payers who ultimately pay off their loan, get better credit, and move up. Otherwise they have to bear the higher cost of deadbeats.

As others have said, there are people who need loans and you have to agree to certain terms to get them. If you fuck up, you don't get a nice touchy-feely hug it out situation, you get a no bullshit loan. Pay it or walk/ride a bus. Life isn't a charity, pull yourself up and move on like people have done throughout history.

 

[MongGrel]

Need those flying cars even more these days.

If they are Repo'd, could just use em as drones

 

[LTC8K6]

The new self driving cars will just drive back to the dealer with you inside if you don't pay...

 

[glenn1]

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

It would be chaos in a heartbeat.

Maybe but you'd be gone too so the chaos would be worth it.

 

[Slew Foot]

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.

Sounds reasonable to me.

 

[Mai72]

So if you are a day or two late with the house payment you have no problem being put out on the street and being homeless?

C'mon! ATOT is where the high ballerz come to post. Most people here have $550k a year salaries, and drive lambos to work. They don't make mistakes either. How can you when you're living the life of a baller.

 

[pcgeek11]

That's a great idea. Let's kill people from exposure by stranding them.

That is laughable, and stupid...

No Tickie, No Laundry!

These shitheads need to pay their bills and they wouldn't get stranded " and die"! LOL

This isn't new or news. This has been around for years.

 

[compuwiz1]

The kinds of people who get these loans are the same types who are at the payday loan center....every damn payday for life. Were it not for these kinds of loans, they would be walking, taking the bus or riding a bike. I've worked in this industry for over 30 years, for the most part the Leopard doesn't change it's spots. Granted there are people who fall down due to job loss, excessive medical bills, etc., but there are a huge majority of this clientele, who just have a habit of living this way and not paying their bills, no matter how many chances they are given. The decent people, who partake in these types of loans, while a small percentage, are appreciative that someone gave them a chance. The rest of them will always be scumbags with multiple bankruptcies, evictions, repo's and checking accounts that somehow went bad. They need a firm hand because they simply can't or won't manage their lives in an appropriate way.

 

[dmcowen674]

The kinds of people who get these loans are the same types who are at the payday loan center....every damn payday for life. Were it not for these kinds of loans, they would be walking, taking the bus or riding a bike. I've worked in this industry for over 30 years, for the most part the Leopard doesn't change it's spots. Granted there are people who fall down due to job loss, excessive medical bills, etc., but there are a huge majority of this clientele, who just have a habit of living this way and not paying their bills, no matter how many chances they are given. The decent people, who partake in these types of loans, while a small percentage, are appreciative that someone gave them a chance. The rest of them will always be scumbags with multiple bankruptcies, evictions, repo's and checking accounts that somehow went bad. They need a firm hand because they simply can't or won't manage their lives in an appropriate way.

Couldn't possibly be because the U.S. has the highest amount of low paying jobs in the world, of course not.

 

[Rakehellion]

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.

That's a great idea. Charge people more money when they don't have money. That'll make them pay faster.

 

[highland145]

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.

You must be right, I'm the delusional one here.

Do you know anything about the industry other than what you read on internet forums? Still curious what you do for a living.

The kinds of people who get these loans are the same types who are at the payday loan center....every damn payday for life. Were it not for these kinds of loans, they would be walking, taking the bus or riding a bike. I've worked in this industry for over 30 years, for the most part the Leopard doesn't change it's spots. Granted there are people who fall down due to job loss, excessive medical bills, etc., but there are a huge majority of this clientele, who just have a habit of living this way and not paying their bills, no matter how many chances they are given. The decent people, who partake in these types of loans, while a small percentage, are appreciative that someone gave them a chance. The rest of them will always be scumbags with multiple bankruptcies, evictions, repo's and checking accounts that somehow went bad. They need a firm hand because they simply can't or won't manage their lives in an appropriate way.

Sums it up pretty well but some won't get it because they already have their own opinions.

I've worked in this industry for over 30 years

Cars, payday loans or installment loans? 2/1987 for me.

 

[werepossum]

C'mon! ATOT is where the high ballerz come to post. Most people here have $550k a year salaries, and drive lambos to work. They don't make mistakes either. How can you when you're living the life of a baller.

Come on now. I can't be the only AT billionaire who makes his little people carry him around on their backs.

 

[smackababy]

That's a great idea. Charge people more money when they don't have money. That'll make them pay faster.

Rather than do anything about it, we should just give them a great rate on a loan and when they don't pay, just eat the cost...

Medium rare, just stop.

 

[compuwiz1]

You must be right, I'm the delusional one here.

Do you know anything about the industry other than what you read on internet forums? Still curious what you do for a living.

Sums it up pretty well but some won't get it because they already have their own opinions.

Cars, payday loans or installment loans? 2/1987 for me.

Cars....finance manager and subprime lending. Been in the business since 07/1984, with a brief hiatus from 99-02.

 

[highland145]

Cars....finance manager and subprime lending. Been in the business since 07/1984, with a brief hiatus from 99-02.

Subprime is such an ugly word. How about credit challenged?

The loan business made my old boss a lot of $$ but adding the buy here/pay here has made him significantly more.

 

[Pulsar]

I saw a statistic recently that said while 79% of Detroit residents managed to pay their cell phone bills on time, less than 50% managed to pay their water bill on time.

The difference being that the cell phone companies can and WILL shut off your service for lack of payment. For the longest time, the water department wouldn't.

I have no issue with companies that still own the product taking steps to protect themselves like this.

 

[highland145]

I saw a statistic recently that said while 79% of Detroit residents managed to pay their cell phone bills on time, less than 50% managed to pay their water bill on time.

The difference being that the cell phone companies can and WILL shut off your service for lack of payment. For the longest time, the water department wouldn't.

Shens. There a heart somewhere that says you're the devil.

 

[BUTCH1]

The kinds of people who get these loans are the same types who are at the payday loan center....every damn payday for life. Were it not for these kinds of loans, they would be walking, taking the bus or riding a bike. I've worked in this industry for over 30 years, for the most part the Leopard doesn't change it's spots. Granted there are people who fall down due to job loss, excessive medical bills, etc., but there are a huge majority of this clientele, who just have a habit of living this way and not paying their bills, no matter how many chances they are given. The decent people, who partake in these types of loans, while a small percentage, are appreciative that someone gave them a chance. The rest of them will always be scumbags with multiple bankruptcies, evictions, repo's and checking accounts that somehow went bad. They need a firm hand because they simply can't or won't manage their lives in an appropriate way.

Shit can happen to people that they have absolutely no control over, we used to have unions that helped out when corporate greed set in and certain people who stayed at a job for a long while get kicked to the street, I know about this first-hand and it's about the lowest form of scumbaggery there is. At least my car is paid for thank god but it sucks at 50+ yrs old trying to re-invent yourself or compete in the job market with those that are 25 years younger than you. I used to wonder why someone would ever walk into a former employer and start shooting people, I don't wonder anymore..

 

[Attic]

Only a real piece of shit would be on either end of this transaction and new device if high interest rates are kept in place and not adjusted downward.

I'm sure there will be plenty of takers.

"Yea, so we are going to charge you a shit ton in interest, and yea if you don't pay we'll remote detonate your cars starter. We own you, just shut up and sign."




Cut the interest rate down by 25% at least and then you've got something here worthwhile, otherwise as is I think it's illegal to remote kill a person's car. But why give folks who pay 10%-15%+ on an auto loan any rights.

 

[Vic]

Only a real piece of shit would be on either end of this transaction and new device if high interest rates are kept in place and not adjusted downward.

I'm sure there will be plenty of takers.

"Yea, so we are going to charge you a shit ton in interest, and yea if you don't pay we'll remote detonate your cars starter. We own you, just shut up and sign."




Cut the interest rate down by 25% at least and then you've got something here worthwhile, otherwise as is I think it's illegal to remote kill a person's car. But why give folks who pay 10%-15%+ on an auto loan any rights.

By all means, PLEASE don't sign if you don't like it.

 

[highland145]

By all means, PLEASE don't sign if you don't like it.

So sorry, Attic is entitled. He was also entitled to educated himself a little with some of the posts in the thread but he declined. Or the tread in TG.


I'm guessing he doesn't run a business. Along with others here.


Still waiting for posters to say they have any experience in the industry other than having opinions.


Zaap, ???

 

[highland145]

By all means, PLEASE don't sign if you don't like it.

So sorry, Attic is entitled. He was also entitled to educated himself a little with some of the posts in the thread but he declined. Or the tread in TG.


I'm guessing he doesn't run a business. Along et al.


Still waiting for posters to say they have any experience in the industry other than having opinions.


Zaap, ???