Dealerships using new technology to prevent missed payments
In order to prevent defaults on car loans, many dealerships are turning to a new device called On Time. The small electronic box — which is mandatory is some car deals — is installed under the dash of the car and helps to ensure that car payments are made on time. As the payment date approaches, the box flashes its lights, and on the date the payment is due, emits a beep.
If the buyer fails to make the payment, the device prevents the car from starting. But if the buyer makes the payment on time, they are given a six-digit code to enter...
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