Bad credit car lenders may now be able to disable your car while you’re driving on the freeway. A new report frighteningly suggests that 2 million cars out on the road today have been outfitted with a GPS kill switch
This about this scenario: you’re in bumper to bumper traffic, hundreds of miles from home, and suddenly you’re about to start driving when your car shuts down. You check your gas tank but you just fueled up yesterday and there are no lights on the dashboard. That’s when you realize that you forgot to pay your car loan bill!
If this sounds like a plot from the new terminator movie, you’re mistaken. This phenomenon is happening right now, and is actually going to be incorporated into the future of vehicles. Car dealers and auto lenders who deal with bad credit car loan customers are outfitting their vehicles with GPS based kill switches on the cars that they sell.
Recently, the New York Times reported that a record 2 million vehicles are already outfitted with this GPS type device. This amounts to around 1/4 of all the bad credit car loans. Most interestingly enough is that bad credit car lenders are not scared to pull the plug on the vehicles if the client has missed a few payments.
Some bad credit car loan recipients said that they were stranded in bad neighborhoods after being a few days late for their car loan payment. Others reported to their cars shutting down while at stop lights. Some were trying to get to doctor’s appointments or take their kids to school. And one woman in Nevada reported that her car shut down while she was driving on the freeway!
Other than being able to shut down the cars, the devices have the ability to track and monitor the movements of the car loan recipients. They also have the ability to give alerts and they beep more frequently when the due date for their car loan is coming up soon. Customers report this as being extremely degrading and not helpful at all.
People with bad credit are becoming the largest segment of the population to get a loan for an automotive purchase. Take into effect the fact that auto dealers are trying to make up for a tough year in auto sales and the effect is amplified.