Late on payments? Device won?t let car engine start ( pic )
Shit, a lot of people will be walking ... 
Device puts brakes on defaulters
System won't let engine start if car payments not made on time
LIMERICK, Pa. - Rashida Redd punched in a six-digit code in her Pontiac Grand Prix and got a new lease on life.
The 34-year-old Pottstown mother of five had to file for bankruptcy about a year ago in the face of mounting medical bills from her husband's open heart surgery. Despite her poor credit history, Redd was able to lease the three-year-old car from Williams Preowned of Limerick, Penn. on the condition that it have a starter-interrupt device.
"At least I was able to save the house," said Redd, now separated.
The device, the size of a cigarette pack and mounted under the dashboard, flashes green if she has made a car payment on time. If she misses her $94 weekly payment, it won't let her car start.
Starter-interrupt devices are becoming a popular way for lenders to ensure they get paid, and consumers seem willing to accept them to get into nicer cars, use a smaller down payment and qualify for a lower interest rate, according to device manufacturers.
Ken Shilson, managing partner at Shilson Goldberg Cheung & Associates in Houston, an accounting firm that works with auto dealers who make use of the device, said the market for them is growing.
rest of article
System won't let engine start if car payments not made on time
LIMERICK, Pa. - Rashida Redd punched in a six-digit code in her Pontiac Grand Prix and got a new lease on life.
The 34-year-old Pottstown mother of five had to file for bankruptcy about a year ago in the face of mounting medical bills from her husband's open heart surgery. Despite her poor credit history, Redd was able to lease the three-year-old car from Williams Preowned of Limerick, Penn. on the condition that it have a starter-interrupt device.
"At least I was able to save the house," said Redd, now separated.
The device, the size of a cigarette pack and mounted under the dashboard, flashes green if she has made a car payment on time. If she misses her $94 weekly payment, it won't let her car start.
Starter-interrupt devices are becoming a popular way for lenders to ensure they get paid, and consumers seem willing to accept them to get into nicer cars, use a smaller down payment and qualify for a lower interest rate, according to device manufacturers.
Ken Shilson, managing partner at Shilson Goldberg Cheung & Associates in Houston, an accounting firm that works with auto dealers who make use of the device, said the market for them is growing.
rest of article
Comment