| Mike Simon was
exhibiting his company's car security systems at an auto trade show eight
years ago when a bank loan officer in attendance came up with an alarming
idea.
The
banker wondered whether anyone could develop a device to make car buyers
pay their auto loan payments on time.
These
days, Simon's company, Payment Protection System Inc., is doing just
that.
The
company makes a device wired into the cars starter that warms drivers with
flashing lights and beeps when their car payment is coming due. What's
more, customers who are past due can't start their car again until they
pay up.
Payment
Protection sells the product, called ONTIME®, to finance companies and the
finance units of car dealership that provide loans to people with shaky
credits histories.
On Time
is installed in 90,000 cars, up from 60,000 a year ago.
It's one
example of new technology devices for cars. Some bring medical assistance
or directors to hunt on lost drivers. Others tell parents where their
teen-agers are driving.
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