Sunday, October 7, 2007

Can Banks disable your Car? In the Middle East They Can walk out to your car and it doesn't start. Perhaps the battery, the starter...hmmm. Nope it's your Bank..and they want their money.

Dubai based Sekurus International LLC and partner Sequr ME , has announced their SekurPay solutions are now available to banks throughout Saudi Arabia and Dubai. The highly controversial device allows lenders to disable your car if you become delinquent on your payments.
"In this fast-paced environment we often need a reminder to help us prioritise and pay our bills. The SekurPay™ solution will assist in developing good credit behaviour."
Its partner Sequr ME is offering the SekurPay™ total solution to ensure timely collection of customer payments. The SekurPay™ payment Protection solution is used globally by lending institutions that provide automobile financing to individuals who have no credit history or sub-prime and/or are high credit risks.
Installed inside the vehicle, SekurPay™ is a device that tracks payments with or without telematics International the manufacturers and suppliers of the technology and prevents a vehicle from starting if a customer's scheduled payment is not made on time. "We are in the process of expanding our international distribution network as more and more financial institutions around the globe realise the bottom-line benefits of the SekurPay™ solutionas a credit enhancement tool," said Basel Al Salah, CEO of SekurusSekurPay™ range. Zawya
from another article from Emirates Today...
“Around 10,000 cars are equipped with this device in the Middle East – in the UAE, Saudi Arabia, Egypt and Iran. We have sold one million units all over the world. Manager Abdul Rasheed
How the absurd little device works...
The device – which is the size of a cigarette pack – is mounted under the steering column.The bank or car dealer gives the customer a six digit code, which he taps in using a keypad on the device.

A green light flashes to indicate that payments are up to date. But when an installment is due it changes to yellow.

Three days before the date on which the car is due to be disabled number three on the keypad flashes, and when two days are left number two blinks. One day before immobilisation is due, number one flashes and the unit beeps.

If the payment is not made the car will then cease to start.

A new code is provided every time a payment is made, enabling the customer to continue using the car until the next instalment becomes due.

If the device is removed illegally, an anti-tamper circuit disables the ignition.
Absolutely not! Where are we going?...if this is 'revolutionizing' the auto loan industry in the Middle East it won't be long until it's here. This concept is absolutely ludicrous. Privacy issues,civil liberties,'tracking'....endless problems. Worse the customer will probably end up paying for the silly device because the costs will be rolled into the total cost of the'll probably even have to pay for the bank to monitor it, too. Ridiculous!

Same Players. Different Scandal.

1 comment:

FarhadA said...

I don't know how much you know about the electronics in the car industry in the US, but this device is very common if I remember it right from the time I was discussing it with one of the designer of it, it was like a security for the loan company to allow loan to low-income families.