Quote:
Originally Posted by JMS935
Christien, those monitoring services you refer to are legit and legal, I’m not saying they are not, as I have one myself on one of my own cars. But they are NOT being used by dealers to track their inventory of financed vehicles for if/when they need to repossess them. They would be violating each customer’s constitutional rights by doing so.
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Passtime's biggest clients are (or at least were, when I was still slinging cars a few years ago) dealers. It's strictly for subprime, and I've never once seen a customer walk away from an offered deal because of them. These people have no choice but to accept loans at 20+%, because somewhere down the line they've messed up their credit badly, and they're well aware of it.
Out of all the cars on the road, approximately 80-85% are financed, and of those, sub-prime makes up about 40%. Most BHPH dealers (and larger ones as well) couldn't afford the losses from inability to locate and repossess cars (especially post-2008) without these devices. That's probably 20% or more of the population that would then be left without a vehicle. Of vehicles with those units installed, somewhere between 10-20% will end up in repo. Those #s are unsustainable for a small dealership.
I'm not by any means defending shady dealers - there are tons of them, and that's half the reason I got out of the industry (shady deadbeat customers are the other half). But GPS trackers/starter interrupters are a necessary evil in the world of vehicle finance.