Auto loan lenders are using an annoying beeping box to make sure sub-prime borrowers pay on time. Cars are fitted with a device such as the “On Time” gadget. When the monthly payment gets near due, it starts blinking. On the due date, it starts beeping. If the payment isn’t made, then the device prevents the car from starting. After the borrower makes a payment, the lender gives them a code that resets the box and stops the blinking and beeping. Lenders love the device and say it’s reduced default rates by 30%. Maybe they should invent something like these for houses.
High-tech gear disables car if borrower misses payment [USAToday] (Thanks to Luis!)