The New York Times posted an article yesterday titled “Miss a Payment? Good Luck Moving That Car”. They introduced it by telling the story of a woman who tried to start her car in 103.5 heat as her daughter’s asthma flared up. The lender was able to remotely prevent her car from starting.
The article gives the impression that the woman was unaware they could do it. They don’t say it, just suggest it.
They depict the lenders as Orwellians who turned off the car because she was only three days late.
How evil those lenders are! Don’t you agree?
It turns out that people with low credit scores agree to have a device to shut off their cars put into their cars if they don’t make payments. It’s a starter-intrrupter device and it’s part of the deal made when a loan is given to a borrower who hasn’t paid in the past.
It enables high-risk borrowers to get loans to buy cars.
Furthermore, the woman in the article missed payments routinely – in March, April and June. It wasn’t just about one payment that was three days late.
“I felt absolutely helpless,” the woman said.
Shouldn’t she have made sure she made her payments or made alternate plans? Are lenders running charitable organizations?
The loan she has it seems is a subprime loan given to people who aren’t reliable borrowers. We know what happens when there is a subprime bubble. We should be congratulating the lender for being daring enough to loan the money and being smart enough to also keep people from defaulting which causes us all problems in the end.
Troubled borrowers are complaining and the anti-Capitalists are right there to tell them it’s okay for them to feel this way.
These devices have tracking devices to make repossession easier. I know of one Mafia princess – a famous one as a matter of fact – who didn’t pay her Mercedes loan. When the car company sent someone to collect the car, she cursed, screamed and told him that she would have him killed.
These lenders shouldn’t have to deal with this.
One woman said her car was shut down while she was driving on a Freeway. The lender and the company that makes the device said it’s impossible to shut it down while the car is moving.
There’s an easy solution. Don’t loan to people who can’t make payments.
Making the lender into the bad guy is absurd. It’s the philosophy of the entitled.