Here’s a sign of the times. A California company is selling car dealers a device that disables your car when your payment is late.
A Riverside County company is cashing in on the subprime credit crunch. Murrieta-based, Sekurus, sells a device that will disable a driver’s car if a payment is missed.
The so-called ‘On-Time’ device is actually a little box mounted underneath the dashboard that forces high risk car-buyers to make their payments on time. A light on the plastic box flashes when a payment is due. If the payment isn’t made the vehicle won’t start. The next step is a visit from the repo man. Sekurus has sold 250,000 devices at up to $250 each. Most are purchased by finance companies or dealers who cater to car buyers with troubled credit histories.
How long before this strategy is applied to new home buyers?