ONTIME Keeps Buyers Current

A new device has hit the markets, one that is guaranteed to keep auto loans current, or there will be consequences. Right now, if you don’t make your payments on your car loan, you are looking at having your car repossessed. That means whoever sold you the car has to come find you and take it, and they really don’t want it back.

However, there is a new system called ONTIME which attaches to your car under the dashboard, which some dealers have taken to installing. The way it works is that if a buyer does not keep their auto loan current, the device has the ability to disable the car so that it will not work. This motivates the buyer to keep their payments current, because a non-working car does them no good at all.

When a buyer makes a payment on their car loan, they are given a code that they punch into the device and keeps them current. If they do not pay they get a ten day grace period. On the last day of the grace period the device blinks red, then the next day the car does not turn on.

A&P Auto is one of the companies trying it out, and they say it has made a marked improvement in their auto sales. They say that before the device they had a lot full of repossessed cars. Now, they have two cars total at the moment, and they don’t have to employ a full time repossessions/collections person anymore. If a customer is discovered tampering with the device, they will repossess the car and call the car loan due.

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