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posted by on Friday February 24 2017, @06:17PM   Printer-friendly
from the you-just-can't-replace-Harry-Dean-Stanton dept.

The US Federal Trade Commission is investigating an auto lender that often requires subprime borrowers to have so-called GPS starter-interrupter devices enabled on purchased vehicles. The so-called kill switches, which can monitor a vehicle's constant whereabouts, also have the remote ability to shut a car off and to prevent a car from starting. This makes it easy for lenders to repossess the car for missed payments. But this modern-day version of the repo-man raises both safety and privacy concerns.

The Credit Acceptance Corp. of Michigan said in a Securities and Exchange Commission filing this month that it received a civil investigative demand from the FTC "seeking information on the Company's policies, practices and procedures in allowing car dealers to use GPS Starter Interrupters on consumer vehicles. We are cooperating with the inquiry and cannot predict the eventual scope, duration or outcome at this time. As a result, we are unable to estimate the reasonably possible loss or range of reasonably possible loss arising from this investigation."

The lender did not immediately respond for comment. There are more than two million of these devices affixed to vehicles on US roads. They are often hidden, and they are required for car buyers with not-so-rosy credit scores as a condition of acquiring a car loan.

The FTC isn't commenting on the probe, which may include other lenders. The investigation likely centers on whether buyers are given adequate notice that the vehicles they are purchasing can track their every move and whether this is an acceptable business practice.

Source: ArsTechnica


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  • (Score: 2, Insightful) by anubi on Saturday February 25 2017, @05:46AM

    by anubi (2828) on Saturday February 25 2017, @05:46AM (#471430) Journal

    By this logic, almost no one owns anything. If you fail to pay property taxes, the state can often seize your property or force its sale to pay the taxes.

    It is my belief that this kind of indebted "ownership" is the cornerstone of psychology to get the little guy to pay the costs of running government and remit the fruit of their labors to the banking class.

    The banker pulls the money out of thin air to originate a loan. Where did he get the money? Fractional "reserve" banking. He had a dollar on deposit, so he can loan out nine, keeping that dollar as "reserve". Where did the nine come from? Was it even income? Is it taxed every year its held as "property"?

    Now, the borrower uses this loan to buy a house. Surprise.... its now Property... and tax is to be paid?

    So, we set up the illusion that the borrower "owns" the house and must pay property tax, despite the fact the bank actually owns the house.

    Everyone but the bloke who took the loan wins.

    The banker wins... he's getting paid usury on that he has the charter to print up out of thin air.

    Government wins... they get the privilege of tax assessment on that which was purchased with this funny money.

    The bloke who took the loan now has the monkey on his back to work to pay it off... he is not chartered to simply print the debt back away.

    Its all just a clever ploy to force the serfs into slavery to the ones who have gathered together to game the system.... taking advantage of the fact the serfs are so busy they don't see how they are being had.

    --
    "Prove all things; hold fast that which is good." [KJV: I Thessalonians 5:21]
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