With consumer credit ratings plummeting, more American car owners could soon be driving around with an electronic device in your vehicle that will turn the engine off it the payments are late!
No, really! It is happening already with increasing frequency.
Business is booming for makers of shut-off devices, which turn engines off when car payments are late.
Sales at one manufacturer, Littleton, Colorado-based Passtime, are up 33 percent over last year. CEO Stan Schwarz says the company is cranking up production to meet the demand.
The Colorado company claims to be “moving about 2,000 units a month into the marketplace” and by the end of the year they expect to be up to 14,000 to 15,000 a month.
While the devices have mostly been used in the subprime auto loan market, other lenders are looking closely at the technology, manufacturers say. It's no mystery why interest in the gadgets soaring: the creditworthiness of American consumers is declining as they lose jobs in record numbers and find it harder to tap into home equity.
Consumers could increasingly find themselves in cars with shut-off devices if their credit turns bad and they are forced to shop at dealerships serving the subprime market. These sellers range from small mom-and-pop, "Buy Here, Finance Here" outlets to major dealerships.
More of the story here.
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