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Late With Car Payment? The Bank Could Remotely Turn Off Your Vehicle
autos.aol.com Auto sales are booming as Americans take advantage of loosening credit to replace aging cars. But many consumers didn't make it out of the recession with their credit scores intact. Subprime borrowers now make up a quarter of all new car loans and account for $46.2 billion in outstanding auto lending debt. Some creditors are taking controversial steps to make sure those bills are paid on time. Unlike a house, where it can take months or years to evict owners behind on their payments, some subprime lenders can now simply switch off their late borrower's cars, The New York Times reported. Starter interrupt devices have been installed on nearly 2 million cars to date. Technology allows an officer of the bank to disable the ignition of cars and track a car's movements. These devices are installed on cars of those with the worst credit before they can drive off dealer's lots. to read more: autos.aol.com
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