Posted on 05/05/2009 4:32:23 PM PDT by dynachrome
Some high-risk borrowers now get car loans with a digital leash attached: if they don't pay up, they can't drive.
High-risk borrowers now get car loans come with a digital leash attached: if they don't pay up, they can't drive. (ABC News Photo Illustration) More PhotosElliot Munoz loves driving his Jeep Liberty around his hometown outside St. Louis, Mo. He particularly likes the four-wheel drive for the snow in his hilly town.
But when a red light on his dashboard starts flashing, Munoz knows he needs to get out his checkbook or else he won't be able to start the SUV.
Munoz is part of a small but growing group of drivers whose car loans come with a digital leash attached: if they fail to make timely payment, the car won't drive.
(Excerpt) Read more at abcnews.go.com ...
Imagine if you’re in your airplane and it quits and you have to restart it and .....
I have little respect for anyone that agrees to purchase under these terms.
Most people with bad credit seem to be in denial about why.
(Most, not all. divorce, med bills, etc.)
Tell me a competent mechanic couldn’t just remove it????
Old technology. I had one of those when I made a down on a car back in Canada (in college) 4 years ago, and just like article, if the payment date is closing in, the yellow light turns blinking red. One of my classmates worked for a well-known electronics store installing car stereo systems and he was able to disconnect and re-wire the system. The only tricky part was the transmitter which signals the company if the payment was made. Regardless, it’s best to pay up on time or they’ll ding your credit.
I think ya want to figure out how to transmit the “paid in full” signal!
I once worked with a guy who bought a NEW truck at 27% interest. That kind of rate is the only way he could get the credit.
He was also one of the stupidest people I ever met, as you might have already guessed. But that's another story.
I suppose this could be more effective (and safer) than the repo man. A reminder of impending consequences rather than a burly bald guy being followed by a bunch of TV cameras shwoing up at 5 AM....
If you can’t get the credit, buy something cheaper. at 27%, he coulda put it all on a credit card and came out ahead.
I think the key would be to buy a lot less car until you get back on your feet. Not pay these vultures.
LMAO!!!
Usually they simply blame their bankruptcy attorneys, ex-spouses, and employers.
This is not new.
One of my employees purchased a car under these terms over two years ago.
Medical bills are probably the number one reason.
I got hit with some ugly bills two years ago and the follow up treatments continued on until about a month ago. I should be all paid up in about a month. But I think I will NEVER stop recieving letters and phone calls from debt collection agencies regarding balances that are obviously fraudulent. I really don’t know what to do about that. In fact I just got off my CELL PHONE 5 minutes ago with a “credit management” firm from OUT OF STATE claiming to have three accounts with my name on them. They didn’t know where I live. They wanted to know my employer and my social security number. The caller ID said “RESTRICTED”.
What is this crap?
One time a guy called wanting me to meet him in a parking lot to get a check from me to pay for his “credit restoring” services.
Uhhh...disconnect the antenna?
“But I think I will NEVER stop recieving letters and phone calls from debt collection agencies regarding balances that are obviously fraudulent.”
Make these ‘collectors’ provide you with the proof that you really owe the debt. If they cannot provide that, you don’t owe it and that will stand in court.
Ah! But that would be the sensible plan.
This was not a sensible person. I’d have been surprised if anyone would have given him a credit card. This was clearly secured card territory.
No sympathy from me. If you cannot (or should I say will not) save up the money to pay cash, then don’t buy the car...yet.
I don't understand. Do they just make up the hospital, clinic, doctor and service apparently provided? Do they claim the balance of some account has been sold to them, while you actually paid that balance?
When there are 3 or more companies trying to collect the same bill that was paid off over a year ago, I think it’s safe to say that AT MINIMUM, 2 out of 3 of them are lying. Especially when they have a different balance everytime they call and I’ve never givin them a payment. EVER.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.