Miss a payment on your new car and now it won’t start?
There’s nothing actually wrong with the car — it’s just the latest way for dealers to make sure drivers aren’t delinquent.
As CBS2’s Dick Brennan reports, the repo man may soon be out of a job — and replaced by a little device called a “starter interrupter.”
“It seems this is like the new repo man,” said AAA spokesman Robert Sinclair.
With a simple push of a button, this new “automated collection technology” as it’s called, allows lenders to electronically, and remotely, disable the cars of customers who miss payments.
Consumer attorney Brian Bromberg said the devices seem more like a form of punishment.
“I see this as a way of really, really hurting the people who can least afford to be hurt,” Bromberg said. “People miss payments, people accidentally bounce checks — people have legitimate reasons for missing debts and shouldn’t be publicly humiliated.”
Read more at CBS NEW YORK.
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I wouldn’t rent or buy such a vehicle. I’m sure there will be companies that won’t impose this. Buy stock in them.
Buy stock in the companies that use this. They will have fewer defaults and be more profitable.