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from the scorn-the-poor-man-as-a-thief-in-country-and-in-towne dept.
Auto loans to borrowers considered subprime, those with credit scores at or below 640, have spiked in the last five years with roughly 25 percent of all new auto loans made last year subprime, a volume of $145 billion in the first three months of this year. Now the NYT reports that before they can drive off the lot, many subprime borrowers must have their car outfitted with a so-called starter interrupt device, which allows lenders to remotely disable the ignition. By simply clicking a mouse or tapping a smartphone, lenders retain the ultimate control. Borrowers must stay current with their payments, or lose access to their vehicle and a leading device maker, PassTime of Littleton, Colo., says its technology has reduced late payments to roughly 7 percent from nearly 29 percent. “The devices are reshaping the dynamics of auto lending by making timely payments as vital to driving a car as gasoline.”
Mary Bolender, who lives in Las Vegas, needed to get her daughter to an emergency room, but her 2005 Chrysler van would not start. Bolender was three days behind on her monthly car payment. Her lender remotely activated a device in her car’s dashboard that prevented her car from starting. Before she could get back on the road, she had to pay more than $389, money she did not have that morning in March. “I felt absolutely helpless,” said Bolender, a single mother who stopped working to care for her daughter. Some borrowers say their cars were disabled when they were only a few days behind on their payments, leaving them stranded in dangerous neighborhoods. Others said their cars were shut down while idling at stoplights. Some described how they could not take their children to school or to doctor’s appointments. One woman in Nevada said her car was shut down while she was driving on the freeway. Attorney Robert Swearingen says there's an old common law principle that a lender can’t “breach the peace” in a repossession. That means they can’t put a person in harm’s way. To Swearingen, that would mean “turning off a car in a bad neighborhood, or for a single female at night.”
(Score: 0, Troll) by Ethanol-fueled on Friday September 26 2014, @03:33PM
Single females -- no matter where you are, or who you are with -- being single and without a working car is unsafe because of the evil phalloform patriarchial rape-menace lurking behind every bush and around every corner, as long as you are a single female at night.
Potential solutions to the problem of being a single female at night and without a working vehicle include not being single, changing your gender, or not having your car shut down any time or at any place.
(Score: 1, Flamebait) by Sir Garlon on Friday September 26 2014, @05:06PM
What about solutions to the problem of misogynist dickheads trolling every Internet forum?
[Sir Garlon] is the marvellest knight that is now living, for he destroyeth many good knights, for he goeth invisible.
(Score: -1, Troll) by Anonymous Coward on Friday September 26 2014, @07:26PM
(Score: 0, Troll) by Username on Friday September 26 2014, @11:08PM
Oh no someone made a joke about women not being weak, must mod down.
(Score: 2) by francois.barbier on Friday September 26 2014, @11:48PM
Don't pay attention to the posters below you. They can't stand a woosh... I would vote you out of "Troll" if I had modpoints.
Seriously, I thought the article was written well enough, with the first § describing the point of view of the seller, and the second § the point of view of the buyer.
But that last line, man... I don't know. I'm a male so I should feel safe everywhere? I'm a female so I should feel threatened everywhere? Come one.
Whether you are a male or a female in a bad neighbourhood, you are still in a bad neighbourhood.
Couldn't agree more ;-)
(Score: 2) by EvilJim on Monday September 29 2014, @12:11AM
Virtual +1 insightful - no mod points currently. always when there's a good Eth post thats been marked as troll.