Monday, May 21, 2007

Auto Repo gadget

BW 5/21/07 focuses on taking advantage of those in poverty. A new gadget, On Time, will disable a car that is going to be repossessed. This allows lenders to siphon more money with less risk from consumers in poverty. Of the 13% of subprime auto loans (borrowers with a FICO less than 640), one-third fall behind on payments and 15% are repo’d. This gadget not only reminds the borrower to remain current, but it protects the lender’s investment.

1 comment:

Anonymous said...

I think this is a great idea. I get tired of the sheriff leaving summons on my door for the guy who used to live here who ran off with an unpaid car loan. It just ends up making everything more annoying and expensive for those of us who play by the rules.

May 26, 2007 at 10:43 AM

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