High-tech gear disables car if borrower misses payment

After going back to this thread -- www.abovetopsecret.com...

Now they don't have to worry about disabling other cars in the area. I'm sure the law will have their access to have these activated at request eventually... thru the company providing the equipment/service...
news.yahoo.com...

JD Byrider ( a buy here pay here lot) in Indiana uses these. They are very simple to bypass. And the threat of using EM pulses would only work on newer vehicles, older vehicles that just a standard carbereutor (sp?) and distributor ignition system would have no affect on. However I believe you could safeguard a newer car very simply as well to an EM pulse.

little steel boxes, and steel braided cables. everything has to be shielded, even connectors.

not easy or simple, really.

"...I'm sorry Mr. Loan Officer...I won't be able to make NEXT month's car payment either because I can't get to work (since your device disabled my car)..."

Yes!

What great news. Decent folk who pay cash on the nail or keep up their instalments will no longer have to keep subsidizing defaulters with interest payments and commissions.

reply to post by Astyanax


i find your response utterly hilarious.
you are about as ignorant of the workings of loans and capital as those facebook groups that tout "BOYCOTT TO GET GAS BACK DOWN TO ONE DOLLAR A GALLON."
this will have no effect on loan rates, whatsoever.

Man, that's pretty scary. I can understand the reasoning, though, if the default rate is really about 30% like the article says. That's insane, knowing that one in three of your customers is going to rip you off (or, at least, rip you off back. were it not for people pulling crap like that, loans would be all profit).

Remind me never to get a bad credit history.

reply to post by forsakenwayfarer
I'm not sure why you find my post so amusing, but I'll try to explain what I meant.

The higher a bank's NPL ratio, the greater provision it must make to cover it. This is a legal requirement; as far as I know, it is pretty universal. It has nothing to do with the funds a bank must pledge to the central reserve in order to retain its operating licence; it is a provision that must be written onto the bank's books as an operating cost. Hence it directly impacts the profitability of the bank. The bank adjusts its lending rate to compensate.

I am aware that interest rates are affected by many factors, primarily by reserve-bank and market rates, but you will have noticed, if you have any reason at all to think about finance, that there is a spread across (as well as between) lending and borrowing rates that is linked to risk. So banks that have a lot of high-risk clients will have large NPL portfolios and high rates, whereas banks that specialize in lending to solid citizens will charge less.

Every time someone tries to finesse this basic rule of finance, the fewmets strike the windmill. The latest example of this is the subprime crisis, which has spread throughout the entire financial system precisely because subprime mortgages were bundled together with more secure debt and resold, with the result that no-one knows where in the global financial system the liability for all those American defaults actually resides.

So that's what I meant. It doesn't seem all that funny to me -- a bit dull, if anything. Perhaps you could explain the joke?

Why not just bypass or remove the box? What makes this thing so secure that it can't be removed by your average Joe with a toolchest and basic wiring know-how?

that's what i was thinking...or encase the thing with a metal box/foil/etc. i really doubt it would be all that hard to get around.

Originally posted by Goosenapper
Why not just bypass or remove the box? What makes this thing so secure that it can't be removed by your average Joe with a tool chest and basic wiring know-how?

I seriously doubt the "average Joe" knows anything more about cars than that they need gas and it's expensive nowadays, and that he's supposed to take it in to the shop if it's making funny noises or won't start.

maybe if this was the 60s or something, but not today.

EDIT: Especially not the kind of people who default on loans and get their stuff repossessed.

[edit on 18-4-2008 by mdiinican]