Lenders Have Begun Installing GPS Devices To Disable Vehicles
There’s a new problem plaguing those already having difficulty buying a new vehicle. Some lenders throughout the US have adopted a new strategy for protecting cars from bad loans. Installing GPS devices that disable the car, should the payments fail to be made on time.
This will target sub-prime borrowers. Typically people with a credit score of 640 or lower. Considering that sub-prime borrowers are on the rise, car companies are looking for ways to protect their investment, while still finding new buyers for their inventory.
However, some have criticized the move. With one report suggesting a woman was unable to drive her daughter to the emergency room, because her car had locked up.