Archive for May, 2009
Can Your Auto Loan Provider Turn Off Your Engine?
by admin on May.06, 2009, under Car Tips, Cars
Can Your Auto Loan Provider Turn Off Your Engine?
Over the next few years, people who are thinking about purchasing a new vehicle may be in for a surprise. Many auto dealerships are outfitting new and used cars with devices which can deactivate the engine remotely. The reason: to make repossessions easier.
As more people lose their jobs, they’re forced to prioritize their bills. Some bills have to wait while others are put on top of the stack. Dealers and lenders want to ensure that their customers make their payments on time. The shut-down units that are installed into automobiles provide the motivation.
In this article, I’ll explain how these devices work and describe a few of the issues involved with their use. We’ll also take a closer look at how they can benefit customers, dealers, and lenders.
Safety And Other Issues
The shut-off component is installed onto a vehicle’s powertrain. Through telematics, a dealership or lender can remotely turn the engine off if the driver has failed to send in his or her payments. Currently, dealers are triggering the device only after a payment is several days late. Before the engine is deactivated, an indicator light will normally display on the vehicle’s dashboard. Some companies will allow the deadline to pass in order to give the motorist time to send a payment.
Drivers are understandably concerned that the shut-down device can be dangerous, especially if their engine is turned off while they’re driving at high speeds. Most dealers will only trigger the unit once the engine has been manually turned off or while the car is at idling speed.
Protecting Customers, Dealerships, And Lenders
The component was initially introduced for subprime borrowers. Car dealerships and lenders consider such borrowers (those with “B” credit ratings) to present more risk. In the past, they offset the increased risk by applying a higher interest rate to auto loans. The shut-off units offer an alternative.
By installing them on a car’s powertrain, dealers and lenders assume less risk. First, motorists are motivated to make their payments on time in order to avoid having their driving privileges interrupted. Second, the car can be retrieved more easily if payments are not forthcoming. As a result, subprime borrowers can enjoy a lower interest rate when buying a vehicle.
Full Disclosure
It’s important to note that the shut-down devices are not hidden from prospective buyers. In effect, they know the vehicles have been equipped with them. Dealerships will usually disclose the unit’s presence on forms that require the buyer’s signature.
Even though the components were originally meant for the subprime car buyer market, it is likely that more dealers will outfit their vehicles with them over the next few years. In fact, a growing number of credit unions and banks are requesting the device’s installation before providing an auto loan. When the time comes to purchase a new car, the component may not be an option.
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Things to Do Before Your Do-It-Yourself with your Car Maintenance
by admin on May.05, 2009, under Car Maintenance, Car Tips
Things to Do Before Your Do-It-Yourself with your Car Maintenance
Looking after your car is not simply about making it look good and last until it reaches the high 100,000’s on the mileage but also about enjoying yourself as well. There is as much enjoyment and serious satisfaction to be gained from looking after the vehicle as there is from driving and looking good in it.
Before you plunge in though, there are several issues you really need to consider – getting your hands dirty when cooking is not the same when it comes to messing around with your car – a mistake with the salt means an extra savory meal, a mistake with your car parts may mean a very high mechanic bill to put it right or injury to yourself and passengers while out on the road!
Safety First
We’d all like the two pillar car lift like we see on the shows and commercials telling us how easy car maintenance is at home in our own garage, but the vast majority of us don’t have that luxury and make do with a cramped garage full of household detritus or out on the driveway.
Even a modern compact car can weigh in at over 2,000 pounds so if you are planning on getting under your vehicle you make darn sure the jacks you are using can firstly support the weight and secondly are placed where they are supposed to be. The emergency jacks supplied with your car are precisely for that – emergencies, such as a roadside tire change – they are not suitable for this type of maintenance work so make sure you invest in quality jacking equipment designed for the job in hand.
In addition make sure you have cleared your work area so nothing is lying around to cause you or someone else to trip and fall against the jacked vehicle – even with no-one under the vehicle, if a jack fails or the car falls off, the bodywork and mechanical damage can be costly and substantial.
Disengage Circuit Breakers
Whenever you are tinkering with the engine or the electrics, it is very good advice to disconnect the battery at the negative terminal post. This does several things – firstly it will prevent circuit discharges which can give you a jolt (and with some circuit systems using high voltages you can get a real shock) while secondly, it will prevent accidental ignition causing the engine to turnover (not a good thing with your fingers and hands stuck inside).
Firstly, turn the ignition to “off” and remove the key to prevent an accidental turnover of the engine. Secondly, disconnect the negative battery post and place a thick rag across the battery terminals but also make sure you keep tools such as wrenches away from the battery in order to prevent power arcing.
Even a small radiator fan can break your hand or slice off a few fingers so give your engine the respect it deserves.
Car maintenance is a major cause of accidents requiring a visit to the ER room and second only to accidents within the home – make sure you are not one of these statistics by taking these two very basic and simple steps before you start working on your pride and joy.
About the Author
Ryan Draving is the VP of Empire Covers, a leading provider of car covers, truck covers, boat covers, and other vehicle covers. Empire Covers can be found online at: EmpireCovers.com .