BUSINESS LAW D 13: Car Loans
Please review the discussion question as posed in Chapter 24, page 480, about car loans.
Many people need a car to get to work, take care of their families, live their lives. But obtaining an auto loan can be difficult for those with a bad credit rating. Some finance companies are now willing to extend credit to people who are poor risks, on one condition: The company can install on the car a tracking software with ability to disable the ignition if debtors miss a payment. This practice has left drivers stranded on highways and in dangerous neighborhoods. Is this practice unfair? Do the benefits of obtaining a loan outweigh the harm caused by this violation of privacy and loss of control?
Write your discussion post in three paragraphs: in the first paragraph, refer to law and how you would respond as a consumer who needs a car and this condition about your car loan. Write the second paragraph from the standpoint of a business offering credit upon this condition. In the third paragraph write your thoughts about if it is fair, and/or right to offer in the 21st century? Why or why not?
