Miss a payment? Your car stops running

[LegendKiller]

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.

Why would they have to be cut down? A default is a default, you still have to recover the car and sell it.

 

[Vic]

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, ???

I might have some mortgage industry experience.

 

[LegendKiller]

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, ???

It's interesting how little people know about some of the subject they opine on rather than asking questions and learning.

S.C. I know a subprime lender down there. Some guy bought two companies, put them together. Might that be the same company you work for?

 

[Zorba]

This only prevents the vehicle from starting. It will not shut off one that is already running. And the borrower has to be 30+ days past due, not just 1 or 2 days late.

Edit : also, these terms have to built into the loan contract. Don't like it, don't sign.

With these terms, I don't see any issues with it.

 

[Phynaz]

This will continue until someone dies.

Welcome to 1980 Dave. It's 2014 and you're still an idiot.

 

[waggy]

Good. You can't pay you can't drive.

Don't like the terms of the loan? go find a better one.

 

[MongGrel]

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..

Yep.

 

[highland145]

I might have some mortgage industry experience.

Countrywide?


j/k....maybe.

It's interesting how little people know about some of the subject they opine on rather than asking questions and learning.

S.C. I know a subprime lender down there. Some guy bought two companies, put them together. Might that be the same company you work for?

I know I'm guilty of the same thing....sadly. I've got all kinds of opinions and a lot of them stink.

Nope, I do small loans $1K and under.

 

[Jeff7]

That'll be fun once it's discovered that their programming team was instructed to waste no more than 15 minutes on the device's remote-access security.

Or the payment processor is taking their time and the car is shut down without proper cause.

Or someone with access gets bored and starts trolling people.

 

[Mr. Pedantic]

I don't understand how this is supposed to help you meet future payments.

"This dickhead is behind on his payments! Let's make it so he can't travel to his job!"

Brilliant. Absolutely brilliant.

 

[highland145]

I don't understand how this is supposed to help you meet future payments.

"This dickhead is behind on his payments! Let's make it so he can't travel to his job!"

Brilliant. Absolutely brilliant.

And another that doesn't get it...

If you own a rental, should you let the tenant get 2 months behind? The short answer is that they will never catch up (trust me). You up for funding your past due person and not paying your own mortgage payment?

Makes a difference when you have $$ in the game, right?

 

[Mr. Pedantic]

And another that doesn't get it...

If you own a rental, should you let the tenant get 2 months behind? The short answer is that they will never catch up (trust me). You up for funding your past due person and not paying your own mortgage payment?

Makes a difference when you have $$ in the game, right?

Nowhere does it say lenders (and they're lending the MONEY, not the car) have to wait 2 months. One of the lenders mentioned in the NYT article says he attempts to call and waits a month beforehand, but I highly doubt many others do.

 

[HeXen]

What difference it matters if you wake up and need to go to the hospital and someone repo'd your car cause you was late or if they instead shut it off remotely. Either way you may die. We should discuss every possible combination of scenario's by the thousands until we uncover a solution....oh that's right, we won't find a solution outside of just pay your damn bill on time like a responsible adult and stop blaming everyone else.

 

[compuwiz1]

Someone gets their cell phone turned off.....suddenly they will be motivated to find a way to pay the bill. Same with a car that won't start. This works as an incentive to find a way to catch up your payment. It's amazing what means people can come up with when they are caused to do so.

 

[Veliko]

Someone gets their cell phone turned off.....suddenly they will be motivated to find a way to pay the bill. Same with a car that won't start. This works as an incentive to find a way to catch up your payment. It's amazing what means people can come up with when they are caused to do so.

Yes, like robbing a shop or mugging an old lady.

All hail the incentive!

 

[LegendKiller]

Nowhere does it say lenders (and they're lending the MONEY, not the car) have to wait 2 months. One of the lenders mentioned in the NYT article says he attempts to call and waits a month beforehand, but I highly doubt many others do.

The deeper down the credit spectrum you go the faster you have to collect. "Roll Rates", the % of loans that go from one delinquency bucket to the next, are very high in deep subprime.

 

[Subyman]

Uhm, these have been around for a long time. A place called Auto Credit is a local company and has had this for years. I don't blame them. Some people come in, get a car, and then never make a payment. They have GPS and everything so they can go pick them up. It is all in the contract. No big deal. And NO, it does not shut off while driving. That's stupid.

 

[DCal430]

Horrible, so little difference between these lenders, and loan sharks who use baseball bats to collect payments.

 

[HeXen]

Yes, like robbing a shop or mugging an old lady.

All hail the incentive!

If they're willing to do that then a late car payment is the least of their problems.

 

[pcgeek11]

Yes, like robbing a shop or mugging an old lady.

All hail the incentive!

That is the most retarded jump to a conclusion I have ever seen. So you think that not being able to pay the car note will induce people to resort to crime?

Do you have that low of an opinion of poor people?

 

[Vic]

The deeper down the credit spectrum you go the faster you have to collect. "Roll Rates", the % of loans that go from one delinquency bucket to the next, are very high in deep subprime.

In my experience, most people can't quite grasp the concept that if you can't pay the rent this month, it's going to be even harder to pay 2 months' rent next month.

 

[Hugo Drax]

I don't understand how this is supposed to help you meet future payments.

"This dickhead is behind on his payments! Let's make it so he can't travel to his job!"

Brilliant. Absolutely brilliant.

If you don't have money to get on the bus, you don't get in the bus. So how is it any different.

 

[DCal430]

If you have surgery to fix a broken leg, should a hospital be able to hire thugs to smash your leg if you don't pay your medical bills. This is same sick idea.

 

[Vic]

If you have surgery to fix a broken leg, should a hospital be able to hire thugs to smash your leg if you don't pay your medical bills. This is same sick idea.

No one is forcing you to borrow money.

 

[compuwiz1]

Some of the responses in this thread indicate some of the problems our country is facing with personal accountability. Some just don't get it or don't care to.