Date registered: Mar 2005
Vehicle: '01-E320 & 02-ST2
Location: John 15:18-19
Mentioned: 0 Post(s)
Quoted: 35 Post(s)
RE: On-Time: A **VERY** Disturbing Idea
I tend to agree with the concept, DR. Heck, most of us have even done lay-away at some point in our lives.
I guess what bothers me is that this is just more interference and further intrusion into our lives and the only benefit is to multi-billion dollar companies. It's not as though the lenders are hurting: they are rolling in cash and they already have lots of incentives for us to pay on time, such as penalties, increased interest rates, and even repossession. This just strikes me as way too much, period.
Now I could see a situation -- like the lady who can't get a car any other way -- where it's a useful tradeoff. But we know it's not going to stop there. Moreover, it's technology. What happens when it fails to work or fails entirely? You know that the poor owner is going to get stuck paying to get it fixed, not the rich corporate greedy lenders. And after the car is paid for? Who pays to get the infernal device removed?
And how about the person who has a car that has problems (not quite a lemon) and the dealer is dragging their feet on getting them fixed. With manufacturer financing you can use that as leverage: tell FMC that until it's fixed, they can expect not to receive a payment, and that can work to get you results. That option goes away (which is probably another reason the manufacturers will embrace this idea).
And what happens to the person who does forget a payment? Now they can't get to work, or .... you can think of several examples where the consequences are pretty dire.
As far as saving for a car, I agree in principle, but it may not be possible. Public transportation is a joke in most places in this country and most people need basic transportation to get to and from work so they can earn money for housing, clothing, food and...a car. Maybe even some insurance, too.
And iNeon's got a point, too: the rich probably won't be affected. But I have a feeling that this will trickle upwards, so someday -- if you don't buy the car outright -- you'll have this little stupid interface on the dash of your S65 AMG.
I would imagine much of this technology is related to that which prevents the DUI parolee to drive only after entering a code or blowing into a tube. But in that context it benefits society and it's entirely appropriate. But just for car payments? No way.