The check's in the mail: Late payment disabler
Some Arizona dealers are apparently using it already. Sekurus claims the devices, which run from $220-$260, are being used by more than 1,500 dealerships and have been installed in a quarter million vehicles.
So far the plan is to use these only on subprime deals, or for buyers with no credit history. Alan Underwood, manager of Jones Auto Outlet in Mesa, has used the On Time devices for more than two years. "It reduces the collections/repossession rate drastically, from maybe 25 percent to 5 or 6 percent," Underwood said. "It teaches people who haven't had that training to make payments on time."
The On Time is much like the PayTeck Smart Box we featured last year. Questions raised then about the device surrounded the possibility of someone being unable to start their vehicle in an emergency situation, though it sounds like such concerns haven't plagued the adoption of the On Time box.
[Source: Russ Wiles, The Arizona Republic]
- Biggest automotive sales disappointments
- Fastest-depreciating cars in the United States
- Find and compare 2017 Models