Why Facebook's Falling Share Price Really Doesn't Matter
Mark Zuckerberg and Priscilla Chan: A Romantic Facebook Timeline
If the American economy tanks, look for car loans to follow the same pattern as house loans, right into the dumpster. However, Sekurus Inc. may have a tool to help subprime car lenders such as AmeriCredit Corp. (NYSE:ACF) fight defaults, help the repo man reclaim the assets, and protect against car theft.
Sekurus' ON TIME system patches a legal wireless-controlled device into the car's electrical system. The consumer is given a wireless control that he must push before he can start the car, which sends a signal to Sekurus. The company verifies that financing is up to date before authorizing the car to start. The customer begins receiving a countdown three days before the vehicle is disabled.
The system also serves as a theft deterrent, since car thieves won't be able to start the car without the wireless remote.
The product is especially useful for sub-prime car loans, a $75 billion market. The company claims that, because lenders can depend on this system to increase pay rates and reclaim vehicles, it will result in more borderline drivers receiving financing that otherwise would not. ON TIME also can be used by new dealers who have problems with cars being stolen off their lots.
Goldman Earnings Sink After Buffett Dividend
Johnson & Johnson's Income Falls 23%
Burberry Shares Leap on Sales Update
Reader Comments (Page 5 of 5)
6-27-2007 @ 8:42AM
Lori said...
I live pay check to pay check by choice??? Seriously. I think NOT. I am a single mom, with a high school diploma. I make $11 an hour. Find me a job that pays more and I'd sure as hell take it! I've been behind on my car payment, because having to pay for rent, utilities etc come first. If you take my car, I guess I could always take the bus. But not have a place to live? Hmmm...that box in Mexico sounds kinda good. Sorry, not a dead beat, just some things have priority, and if making my car payment 30 days late means food on the table, then...that's how it goes. Only the people who ACTUALLY live pay check to paycheck will understand this. And I know...even someone making $100,000 a year can live paycheck to paycheck, ask my ex. But, when all I'm doing is paying my rent, utilities, carpayment, insurance.....and have $40 left for food. Come on!
6-27-2007 @ 8:47PM
brad said...
I went to buy a new truck last week. I have two home mortages and just paid off a 700.00 dollar a month BMW pymt. I have not had a late pymt on anything in over seven years. The finance co. approved, me but on a 45,000 truck they wanted almost 900.00 a month and a 5,000.00 down pymt. and get this........the interest rate was 11%. Another dealer said they would only finance me if I traded in the BMW X5 2004-Already paid off. even with no late pymt's they said that my debt to ratio was to high. and wanted me to close most of my credit card accounts. (they said I had to much available credit) I told them they could go fu*k themselves. My Bank said they would roll the truck into my home loan at (Equity line) 4.5% interest. Thought you all would get a kick out of this piece of crap.
7-16-2007 @ 6:27PM
ds said...
ok... so i have this system on my car.. this is how it works. if your payments are suppose to be made on the 1st of every month... it starts flashing red on the 1st, on the 2nd it flashes twice and on the 3rd it flashes and beeps, which is very embarrsing if you giving someone a ride or something and they always always ask..."whats that beeping sound". If the payment is not made by then it shuts down and you now have to go to your car dealer and pay up. It dont matter if its the holidays and the dealer is closed for the week... you get no extra grace period. Dont matter when the dates fall you pay up or you cant drive.