You head out to your car, turn the key in the ignition. Instead of the roar of the engine, you hear an insistent beeping. You turn the key again. The car still won’t start!
This situation is becoming increasingly common because of a new effort by some lenders to cut down on loan defaults. They’ve been turning to several companies that offer technology to "train" customers to pay on time.
It works like this: A small box is mounted under the dash of the car. Its lights flash when a payment is coming up. It starts beeping on the due date. If the payment isn’t made, the car won’t start. Lenders claim that default rates have decreased 30 to 50 percent among those who have the device installed.
Frustrating? Maybe. But probably better than a late night visit from a collection agency to repossess the vehicle.
(Source: USA Today)
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