Pay Or Stay
September 17, 2003
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Posted by Aubrey Turner
I heard about this yesterday morning on the local news. I had no idea that such a device existed (although it’s probably fairly simple once you think about it). What is it? It’s a device that disables the starter system on a car unless the payment has been made. It’s installed at the time of sale and programmed with the payment schedule (weekly, semi-monthly, monthly, etc). Three days before the payment is due a red light starts to flash. On the fourth day the starter will be disabled. Upon making a payment, the lender gives the buyer a code that is entered into the system using a keypad, which resets it.
I know it sounds intrusive and annoying (I certainly wouldn’t want to have to deal with it), but it allows the dealers to sell to people whose credit wouldn’t have allowed them to obtain a car in the past.
Categories: Technology
That’d be me! 😀
I’ve only done one thing “wrong” (TU Electric bill in an old apartment, long story, their fault), but I can’t even get an apartment without a co-signer.
Who knows, maybe On Time is for me…
That’s odd that one electric bill would do that, but if you don’t have much else on your credit history I suppose they wouldn’t have much else to go on. I was lucky to have established a credit history while in college (mainly through acquiring a credit card), which made things a lot easier once I got out on my own (of course, I don’t recall apartment managers running credit checks when I first started out on my own in 93).
It turns out that your credit score affects a whole bunch of things, including the rates you pay for car and home insurance. I was told by an insurance agent that I had a perfect credit score when he was giving me a quote on the house, which may explain why I was able to find several companies willing to write a homeowners policy for me (I understand that it’s getting harder lately to get a policy in Texas due to the regulatory climate and the mold claims). I’m not sure that I like them using the credit score this way, especially in screening job applicants.
Sounds good in theory but what about when you’re late for an important appointment and the damn car doesn’t start because you forgot to mail the payment? OOPS!!! It might just make you throw a brick through the &^$%# windshield!!!!!!