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How technology has redefined the job of the repo man

mercurynews.com

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Re: How technology has redefined the job of the repo man

#21

Post by Eric_WVGG »

saagarjha wrote: post #4

Wow, everything in this article is horrifying: > the rising deployment of remote engine cutoffs and GPS locators in cars Wait, so people can remotely track my car or turn it off? This doesn't sound like a hack away from disaster at all. > The companyʼs goal is to capture every plate in Ohio and use that information to reveal patterns…“Itʼs kind of scary, but itʼs amazing,” said Alana Ferrante, chief executive of Rele…

> This doesn't sound like a hack away from disaster at all.

It's been done. https://www.wired.com/2015/07/hackers-remotely-kill-jeep-hig...

Re: How technology has redefined the job of the repo man

#22

Post by matte_black »

gruez wrote: post #12
PhantomGremlin wrote: post #6

Earlier quoted context omitted.

Wait, so people can remotely track my car or turn it off? Under those circumstances it's not really "your" car. Yes, you might have put down 5% of the total purchase price. So you have a title, and legally you own the car. But 95% of the "skin in the game" is the lender's. The car belongs mostly to the lender. Don't like that? Easy solution, don't be a deadbeat. Or save up and pay cash. I agree with the rest of your…

why is this post getting downvoted? clearly these devices work, otherwise lenders won't be using them. if the devices are banned/never existed, lenders will either not lend in risky cases they would have otherwise lent or charge higher interest rates.

People seem to take offense with being called “deadbeats”.

I think though the term is warranted. It is despicable to enter an agreement to lease a car from a lender and then not make payments.

Re: How technology has redefined the job of the repo man

#23

Post by wallflower »

At least 10 years ago, a friend forgot where he parked his car in the Airport parking lot after a long trip. When he went to the booth embarrassed to tell them this, they said it was no big deal and did a quick tap-tap-tap on the keyboard using his license plate number to determine its exact location. They apparently scanned all the license plates in all their lots twice a day.

Re: How technology has redefined the job of the repo man

#24

Post by nradov »

PhantomGremlin wrote: post #6
saagarjha wrote: post #4

Wow, everything in this article is horrifying: > the rising deployment of remote engine cutoffs and GPS locators in cars Wait, so people can remotely track my car or turn it off? This doesn't sound like a hack away from disaster at all. > The companyʼs goal is to capture every plate in Ohio and use that information to reveal patterns…“Itʼs kind of scary, but itʼs amazing,” said Alana Ferrante, chief executive of Rele…

Wait, so people can remotely track my car or turn it off? Under those circumstances it's not really "your" car. Yes, you might have put down 5% of the total purchase price. So you have a title, and legally you own the car. But 95% of the "skin in the game" is the lender's. The car belongs mostly to the lender. Don't like that? Easy solution, don't be a deadbeat. Or save up and pay cash. I agree with the rest of your…

In most states you don't actually receive the vehicle title on a new car until you finish paying off the loan. Lenders hold on to the title so that buyers can't resell or export the car.

Re: How technology has redefined the job of the repo man

#25

Post by fjsolwmv »

matte_black wrote: post #22
gruez wrote: post #12

Earlier quoted context omitted.

why is this post getting downvoted? clearly these devices work, otherwise lenders won't be using them. if the devices are banned/never existed, lenders will either not lend in risky cases they would have otherwise lent or charge higher interest rates.

People seem to take offense with being called “deadbeats”. I think though the term is warranted. It is despicable to enter an agreement to lease a car from a lender and then not make payments.

It's nothing compared to the despicable ways "car dealerships" (really finance scams) steal from poor people.

https://youtu.be/4U2eDJnwz_s

Or how the National Association of Mortgage Financers or whatever it's called defaulted in their mortgage.

Or how companies declare bankruptcy.

Default is a part of finance. Good faith bankruptcy is not ethically challenged. Both parties to a contract are responsible for counterparty risk.

Re: How technology has redefined the job of the repo man

#27

Post by EmployedRussian »

wallflower wrote: post #23

At least 10 years ago, a friend forgot where he parked his car in the Airport parking lot after a long trip. When he went to the booth embarrassed to tell them this, they said it was no big deal and did a quick tap-tap-tap on the keyboard using his license plate number to determine its exact location. They apparently scanned all the license plates in all their lots twice a day.

In 2001 my car was towed from LAX parking lot because they checked the plate (they told me they scan all plates daily) and it came back as registered to a different make.

Turns out the dealer made a single-letter mistake in VIN when registering the car with DMV, and there is no check digit to reject invalid VINs.

Re: How technology has redefined the job of the repo man

#29

Post by djrogers »

I honestly don’t get why anyone goes in to debt to buy a car in this day and age. You can buy a car (or truck) for $3000 that will last several years without requiring any huge mechanic bills or exotic maintenance - heck, I’ve done it. I would much rather take the bus/bike/walk and save up $500/mo for 6 months to be a free man than buy or lease a car for $500/mo and be a space to my creditors.

Besides, hoopties can be charming :-)

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