CARS
Even sensors steer into the fast lane to improve air bags, pace, mileage
By PETE BARLAS
Investor's Business Daily

 
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.