The Repo Man Goes High Tech
No pay, no start! That’s the price for car owners with bad credit that purchase a vehicle from an auto dealer using an electronic device called the Payteck Smart Box . The Smart Box is manufactured and sold by Pay Technologies LLC of Cleveland, OH and sales for $200.
Used car dealers specializing in sales to car buyers with bad credit, simply installs one of these devices underneath the dashboard. In order to start the car you enter a 5-digit code for each pay period. The pay period is entered into the unit by the salesman after a sale is made. Some of these type of bad credit used car lots might enforce loans payable every 2 weeks, for example. As you approach the end of your payment period, green lights on the unit start blinking red and a chirping sound also occurs. They have a 4-day grace period to make their car payment. If they don’t make the payment the unit will not allow the car to start. If they do make the payment they are issued a new 5-digit code that they punch into the keypad of the Payteck so the car will continue starting.
Use of this unit has been very successful. In this niche of the used car industry, repos can run as high as 50% — meaning ½ of the cars sold are typically repossessed. One dealer using this device in Virginia (Patriot Sales) has 500 of the units and claims to have lowered his repos from 45% to 15%.
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