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While consumers continue to suffer from credit marginalized, more American car owners could soon drive around with a Big Brother electronic business of the Board is booming for stop device manufacturers, who turn engines when payments are late car sales to a manufacturer, Littleton, Colorado -Based PassTime, are significantly higher and the company is starting production to meet demand at the moment, we are going about 2 000 units per month on the market, a company exec said and that, according to the spokesman could go exponentially more.
While the cameras were mostly used in the market for subprime auto loans other lenders look closely at the technology, manufacturers say it is no mystery why interest in gadgets is soaring US consumer credit has declined over the last recession, as they have lost their jobs in record numbers and found it harder to tap into the equity in financially stretched consumers need to understand what the bills they will pay and what payments that they must postpone and auto dealers and lenders want to make sure it s not pay payments that fall to the bottom of the stack.
Consumers could be in more cars with stopping devices if their credit goes wrong and they have to make purchases in dealerships subprime market service vendors These range from small mom-and-pop, Buy here, Financial Below stores to major retailers.
Industry statistics show that thousands of consumers per month may fall from A to B credit - which means they have recently been late with a payment of house and had other other credit problems fallen down, to be a candidate for subprime auto loans for the first time in their lives buyers usually end up paying more than they would pay for a late model used car or a new car financing if their credit was good that the risks are higher, dealers and finance companies feel they must cover their paris by increasing interest rates to 27 percent or more.
The stop devices, which are required by a growing number of subprime loans contracts, are the product of a revolution in telematics - the mixture of telecommunications and wireless technology devices are usually controlled remotely by broker or lender and are linked to the vehicle powertrain They usually cut the power a few days after the payment before the due time the driver is treated to a concert of sounds and flashing indicators signaling that the deadline approaches it are also warnings after the deadline.
Proponents call it a win-win for consumers and devices finance companies They allow dealers to sell cars to people who would have difficulty getting a loan if the buyers end up paying an interest rate slightly lower because the risk to the lender is less the products also include global positioning or GPS to accelerate the recovery of possession of the vehicle, if any.
Not all uses of technology are related to subprime lending PassTime said its devices are also used as anti-theft measures, allowing consumers to track a stolen vehicle on its own with a General Motors computer has introduced a feature using a similar technology that allows law enforcement to track a car on the run and gradually slow down to idle when the situation warrants.
The aircraft used on the subprime market have given rise to heated debate about their value and relevance, as well as Internet chatter about how to disable the safe movement to send the repurchase teams in action there had some trials and complaints dispersed on devices to stop the engine while the owner led manufacturers attribute the incident to mechanical problems unrelated devices.
Many safeguards are integrated, manufacturers say the devices won t stop the engine when the vehicle is moving, and consumers can extend the operation of the car in an emergency contract specify that the device is present on the vehicle We have customers sign a disclosure before they get into the car, saying that the unit is on the car and how it will work, the executive said PASSTIME the declaration form is long four or five pages, and the customer ticks all the boxes If the dealer has won t disclose the unit is on the car, so we won t do business with such broker or lender, he said, but the whole system could break if the dealer doesn t sell a good car, he said Some customers simply won t make the payments if a vehicle doesn t perform well enough.
A device called the moment is produced by Sekurus, Inc. CEO Don Lavoie said he joined the company because he was about to go mainstream It compares the concept to payment plans for cell phones - people pay on time because they do not want to see their services cut the device essentially takes guests to push their car payments bill payment hierarchy.
Families across the country, regardless of their financial situation, move the bill to the top of the payment queue if they need the phone for basic use, such as the organization to pick up kids soccer or school There are 300 million active cell phone users in the US, and these people pay their cell phone bill on time, he said, and the reason is that they can t use the phone if they do not pay for it.
As the economy worsened, the stoppers seemed to come in their own We have several credit unions that won t finance a car without it, Lavoie said they support the high-quality used cars for non-prime buyers a category that includes both subprime and other financially challenged segments a typical member of this group can be described as someone with less than stellar credit.
The market potential is enormous There are 40 million used cars sold per year, and 20 million are considered non-prime, says Lavoie PassTime sees similar potential for its products Right now, we're talking the same national lenders who have credit customers, they would leave the device in idle mode unless the default settings of the client.
The flexibility of PassTime devices could accelerate progress in the mainstream, he said they can be reset to the new schedules of payment if the owners are at issue, giving them extensions of a few days at a time if buyer can afford to part payments Meanwhile, the borrower and the lender could possibly develop a new payment plan in another example of how cars are developing their own ideas, GM presented the stolen vehicle slowdown , optional on some models, including the Cadillac Escalade and Chevrolet Silverado.
If the vehicle is stolen, OnStar customers call and staff locates the vehicle using a GPS device and then gives the police the location, said James Kobus, an official of the company's communications If the police start to close, and they advised us that the conditions are right, we can slow the vehicle down a light on the electric motor of the dashboard signals is reduced and the drive to Idles about three miles per hour.
car payment or engine shutdown systems, payment engine stop, the closing devices which.