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heathergirl
Cocktail Time!
Member since 10/08 4978 total posts
Name:
American mouth
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Ever heard of this???? RE: new cars
My younger sister is about to buy her very first car (she is 21). My mom told me one lender said they would be putting a box under the car thet "protects" their investment" and disables the motor if the payment isn't made?
I told her that sounded very shady to me, not to mention, possibly illegal  I understand with the economy, but my sister is very responsible, has good credit, and my parents are giving a substantial down payment.
Is this something new????
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Posted 6/8/09 12:10 PM  |
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anonttcer
BOOOO for fall!
Member since 7/06 10082 total posts
Name:
Meaning a NON ttcer!
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Re: Ever heard of this???? RE: new cars
I have never heard of such a thing.
I think that lender might be shadey!
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| Posted 6/8/09 12:14 PM |
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My4GirlsMyLife
My 4 girlies
Member since 2/08 9702 total posts
Name:
Valerie
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Re: Ever heard of this???? RE: new cars
 What????!!!!! I have never..ever..ever heard of this !!
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| Posted 6/8/09 12:18 PM |
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JenMarie
One day at a time
Member since 11/07 7397 total posts
Name:
Jennifer
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Re: Ever heard of this???? RE: new cars
Never heard of that in my life. I def wouldn't use that lender!
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| Posted 6/8/09 12:44 PM |
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GioiaMia
Let's Go Rangers!
Member since 1/07 14818 total posts
Name:
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Re: Ever heard of this???? RE: new cars
I saw this on the news one day!
when it gets close to the cut off date it beeps when you turn it on. then it will beep more urgently and then it will give you a "one more start" beep - then. . . it wont start if you dont pay!
Message edited 6/8/2009 1:19:37 PM.
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| Posted 6/8/09 1:18 PM |
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Dani
Life is about choices.
Member since 5/05 6532 total posts
Name:
Dani
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Re: Ever heard of this???? RE: new cars
you know what. if it allows them to give loans at lower rates...im for it! my friend is having the hardest time right now leasing a car due to poor credit.
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| Posted 6/8/09 1:41 PM |
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CrankyPants
I'm cranky
Member since 7/06 18178 total posts
Name:
Mama Cranky
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Re: Ever heard of this???? RE: new cars
That is crazy-and dangerous. I can't see how that could be legal. What if it stranded you in another state? What if they made a mistake with processing your payment and you were stuck trying to get home from somewhere?
I would never agree to this.
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| Posted 6/8/09 2:42 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Ever heard of this???? RE: new cars
I don't think I would ever agree to that-
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| Posted 6/8/09 2:59 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: Ever heard of this???? RE: new cars
Yes, this is true. There was an article I read about this scenario in my law school contracts class. If memory serves me correctly, it was started by a dealership in Detroit who could only get financing for the local population if they and their customers agreed to this arrangement.
link to article about cars with these devices and how it works
Message edited 6/8/2009 5:05:01 PM.
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| Posted 6/8/09 4:28 PM |
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heathergirl
Cocktail Time!
Member since 10/08 4978 total posts
Name:
American mouth
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Re: Ever heard of this???? RE: new cars
Posted by CrankyPants
That is crazy-and dangerous. I can't see how that could be legal. What if it stranded you in another state? What if they made a mistake with processing your payment and you were stuck trying to get home from somewhere?
I would never agree to this.
ITA...my parents were NOT cool with that idea and have come up with alternatives! I We had never ever heard of this!!!!
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| Posted 6/8/09 4:39 PM |
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wannabemom
look who's freshly baked!
Member since 12/07 7364 total posts
Name:
aka marriedinportjeff
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Re: Ever heard of this???? RE: new cars
find another lender... or get parents to co-sign loan... that just sounds nuts.
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| Posted 6/8/09 4:48 PM |
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