Miss a Payment ? Car "shut Off"

[imugli]

Originally Posted by Yellow_Festiva

Reaching for the violin......

If someone borrows for a car or anything else, then they need to face the consequences... Life is tough isn't it, and only a fool doesn't plan as best they can for the worst case. If you find yourself broke and with nothing in the bank 2 weeks after losing a job that's not the fault of anyone else but yourself...

If you are working full time and 'just getting by'.. then you really need to re-assess your spending and saving ratio....

And if a blown head gasket is taking food off the table... geeze I don't know what to say?

Spent?... far from it.

At the risk of being flamed or banned or whatever - I actually agree with everything that is said in that post. Good on you, Yellow_Festiva, for having the balls to state the unpopular stance on the matter. And it's not just siver spoon syndrome, because I too have had to work for everything I have.

Back on topic, all they need is a GPS chip in them so the loan company can organise a tow truck 1/2 hr in advance

[DJM83]

Originally Posted by imugli

Back on topic, all they need is a GPS chip in them so the loan company can organise a tow truck 1/2 hr in advance

That would be by far a better option IMO, as for the rest of you post i didnt think it was worth quoting.

10..9..8..7..6..5..4..3..

[jamesson1980]

Originally Posted by Matt47569

solution = keep car running non stop and dont turn off

consequence = Inferno @ petrol station after attempts to fill up hot running car go pear shaped.

[burnz]

i can't imagine a car company or a credit company commiting sale's suicide.
i for one would vote with my wallet.

[Racecraft]

Originally Posted by burnz

i can't imagine a car company or a credit company commiting sale's suicide.
i for one would vote with my wallet.

this only matters to those who have an empty wallet though :P

If you can't pay, don't play...simple

If people don't have the means to make the payments why should the lender lose out?

[csv8]

I posted this because I thought it interesting and it has turned pear shaped as Mod said !!! we should stick tothe topic of how silly america can get!!!

[burnz]

Originally Posted by Racecraft

this only matters to those who have an empty wallet though :P

If you can't pay, don't play...simple

If people don't have the means to make the payments why should the lender lose out?

because greedy lender's loan to ppl who they shouldent.

[vztrt]

So who exactly is gonna pay for this gadget, I'm sure car companies aren't going to want to. The consumer certainly wont want to. So I would hope the repayments for this secured secured loan are much better then a company that wouldn't use this device.

[DJM83]

Originally Posted by Racecraft

this only matters to those who have an empty wallet though :P

If you can't pay, don't play...simple

If people don't have the means to make the payments why should the lender lose out?

Isnt that part of the application, a credit check? But they are greedy and even greedier now and will lend anyone any amount

[DJR-351]

Originally Posted by vztrt

So who exactly is gonna pay for this gadget, I'm sure car companies aren't going to want to. The consumer certainly wont want to. So I would hope the repayments for this secured secured loan are much better then a company that wouldn't use this device.

Could end up part of the loan agreement, some financal institutions require you have a car alarm fitted....

Dependent on your credit history it would be easy to enforce, if you dont like the conditions go somewhere else for your money....

[jamesson1980]

I may be a little naive here, i thankfully have never seen the sour side of a finance company or bank, but do they ALWAYS get their dollar back from the customer in the event of default?? I would doubt it.. so where is the value of the installation of what is probably an expensive device? Obviously if this eventuated, the customer would pay for the installation and upkeep of it (ie, drink driver breatho thingy). But how would it help the banks avoid any money loss when the buyer defaults? Is it just a deterant for wouldbe over-committers before they even apply? Is it to thwart the tiny portion of customers who MIGHT try to bugger off with the car?
As i said, call me naive, but from the point of view of the money hungry finance companies and banks, i just don't see the value of implementing something like this in a country such as Australia.
Correct me if i'm wrong.

[18htan]

Originally Posted by jamesson1980

I may be a little naive here, i thankfully have never seen the sour side of a finance company or bank, but do they ALWAYS get their dollar back from the customer in the event of default?? I would doubt it.. so where is the value of the installation of what is probably an expensive device? Obviously if this eventuated, the customer would pay for the installation and upkeep of it (ie, drink driver breatho thingy). But how would it help the banks avoid any money loss when the buyer defaults? Is it just a deterant for wouldbe over-committers before they even apply? Is it to thwart the tiny portion of customers who MIGHT try to bugger off with the car?
As i said, call me naive, but from the point of view of the money hungry finance companies and banks, i just don't see the value of implementing something like this in a country such as Australia.
Correct me if i'm wrong.

I think it will work more as a deterrent... Knowing that you might not be able to start your car if you dont pay, might get the lazy yanks working a bit harder.

Also make it easier for them to pick it up once the default.

[imugli]

Originally Posted by jamesson1980

I may be a little naive here, i thankfully have never seen the sour side of a finance company or bank, but do they ALWAYS get their dollar back from the customer in the event of default?? I would doubt it.. so where is the value of the installation of what is probably an expensive device? Obviously if this eventuated, the customer would pay for the installation and upkeep of it (ie, drink driver breatho thingy). But how would it help the banks avoid any money loss when the buyer defaults? Is it just a deterant for wouldbe over-committers before they even apply? Is it to thwart the tiny portion of customers who MIGHT try to bugger off with the car?
As i said, call me naive, but from the point of view of the money hungry finance companies and banks, i just don't see the value of implementing something like this in a country such as Australia.
Correct me if i'm wrong.

No, they hardly ever get their money back on loans that go bad. The longer an account is in arrears (any finance - credit card, car loan, mortgage) the less chance the financier has of collecting on it.

Given that a car is a depreciating asset (it loses value) it's imperative for a finance company to get either the money or the car as soon as possible.

a. because it's generally worth less than the balance of the loan, thus if and when they need to sell it after repo, it's pretty much worthless.
b. because cars are mobile, Australia is a BIG place and they drive on the same side in NZ (Don't laugh, it happens)
c. because once a financier has the car and a default is placed on the custs file, people have no incentive to pay what they owe, besides the possible threat of being bankrupted.

Financiers would always RATHER get the money than the asset but some people just don't play nice (for whatever reason)...

[Yellow_Festiva]

Originally Posted by RG

Spoken like a person who has had a silver spoon all their life and doesn't understand the meaning of "doing it tough". Not everyone has the ability, skills or capacity to re-assess their saving-spending ratio. For some their full time income just covers their necessary expenditures. Is this their fault? Does this make them "bad people" or "irresponsible"? No it doesn't, some are a victim of circumstance and for some who have come from a life of nothing, living below the poverty line "just making it" is a win for them.

I'd advise you to have a rethink on your position as I personally find it quite offensive. If you don't know, which no matter what your rebuttal is you don't, then I think you should just keep your mouth shut. What you have said here makes me realise that there are still quite a few clueless people out there.

You are correct. I did say general comments that were offensive to some and for that I am sorry.

To Sour Bastard. I do hope your situation improves now that your wife has a job. While I do disgree with your response, I can feel your distaste to my reply to the OP and I don't blame you for saying the things you did say in your defence.

RG... I was raised by the wooden spoon, not the silver spoon. I was working 40+ hrs a week from 15 to 21 throughout my high school and University and very much know the meaning of doing it tough.

If I ever wanted something I worked hard and earnt it. The only thing I have ever borrowed for is a house, and that was only after raising a 6 figure deposit. My priority in life is always future security, first and foremost. If someone like me who grew up with uneducated migrant parents in the western suburbs can do it anyone can. But this reply is not to blow my own trumpet.

I do not believe in borrowing for luxuries, and have made that very vocal on several threads, especially when younger people get on here asking how to borrow large sums for things that should be attained through hard work and sacrifice, not a life sentence of repayments on an item that loses value.

I have had time to think about what I have said, and your responses. I shouldn't judge people on their individual circumstances, and, as blatantly obvious here, can hurt and offend when doing so.

I wanted to get this in prior to this thread being locked. Had it been locked this would have been sent via PM to several people on this thread.

Jason.

[RG]

Yellow Festiva, that is a MUCH better way of putting it.

[Chilla]

The simple answer to all this is............"pay cash" for your vehicle/s. Basic transport, well serviced, will get you just as easily from A to B, as a NEW, ON CREDIT LIMO. The old story, don't try and live beyond your means. The golden rule with high price purchases is, ask yourself first, do I need this? and if I buy it will the family stand to suffer? now, or somewhere down the track. Owning your own property, regardless of age or value, beats paying 'Shilock' for the privelige of being in his debt.Thereby keeping him in the manner to which he is accustomed.

[LOCO XP]

Yellow Festiva, nicely put and I commend your guts to set things straight, and do so sincerely

[territory mate]

no comment