With consumer credit ratings plummeting, more American car owners could soon be driving around with an electronic Big Brother on board.
Business is booming for makers of shut-off devices, which turn engines off when car payments are late. Sales at one manufacturer, Littleton, Colorado-based Passtime, are up 33 percent over last year. CEO Stan Schwarz says the company is cranking up production to meet the demand…
While the devices have mostly been used in the subprime auto loan market, other lenders are looking closely at the technology, manufacturers say. It’s no mystery why interest in the gadgets soaring: the creditworthiness of American consumers is declining as they lose jobs in record numbers and find it harder to tap into home equity…
Consumers could increasingly find themselves in cars with shut-off devices if their credit turns bad and they are forced to shop at dealerships serving the subprime market. These sellers range from small mom-and-pop, “Buy Here, Finance Here” outlets to major dealerships…
The products also include global positioning, or GPS, to speed up the repossession of the vehicle, if necessary.
I still wouldn’t want to be the guy who shows up to repo the car.
I didn’t know Sharpton was the guy repod.
What could ALSO solve this, is IF’ they would drop interest rates so the POOR MAN dont have to worry as much about paying the money BACK…
#8 and #14 – Why wouldn’t they shut off the car while it’s running? What if it were during a high speed police chase? What if Domino’s were delivering a booger laden pizza?
My friend will remove the device for $200
CASH ONLY.
MikeN,
In a liberal world, we’d see the end of foreign oil dependency
In a conservative world, we’d see the end of the world.
The liberal world is better.
I think the government should require everyone to wear a tracking device that is equiped with a “non lethal” stun device. That way, if any of us steps out of line, the rest of us will be protected by our supervisors.
This idea brings a whole new meaning to the term stimulus.
I think the government should require everyone to wear a tracking device that is equiped with a “non lethal” stun device. That way, if any of us steps out of line, the rest of us will be protected by our supervisors.
This idea brings a whole new meaning to the term “stimulus package”.
>In a liberal world, we’d see the end of foreign oil dependency
That’s why they are against oil drilling in Alaska and off the coast.