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Ignition Disabler, Free with Your Subprime Car Loan

Posted in Main Blog (All Posts) on September 25th, 2014 11:08 pm by HL

Ignition Disabler, Free with Your Subprime Car Loan
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. Using the GPS technology on the devices, the lenders can also track the cars’ location and movements. The devices, which have been installed in about two million vehicles, are helping feed the subprime boom by enabling more high-risk borrowers to get loans. But there is a big catch. 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.

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