So what does an auto loan lender do when borrowers forget to pay? Give them a really annoying box that beeps when payment is already due and prevents the car from starting. Sub-prime borrowers can no longer give an excuse that they forgot to pay because this box won’t fail to remind.
Called the “On Time” this gadget is installed in the car and blinks when payment is near the due date and beeps on the date itself. When payment still isn’t made, the car won’t start, leaving you without a car to use until you have settled your bills. If payment has been made, the auto-loan lender will give the borrower a code to reset the box and stop being annoyed by all the beeping and the blinking.
Lenders say that they missed payments have been down by 30%. I wonder if mortgage lenders should do the same for houses. Install a similar device, only no beeping and blinking…just a recorded voice that nags every morning and night. Now that would be really cool and yeah, so annoying. But at least, people will be motivated to pay.
Read [The Consumerist]
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