Subprime Auto Lenders Automatically Disable Cars

Subprime auto loans are soaring, growing to their highest levels since 2008, notes a report from The New York Times. But there is a new twist. Subprime auto lenders can now remotely disable the car when borrowers are so much as one day late on their payments. Certain car owners report receiving no warning and having their car’s disabled while they were driving on the highway or being stranded in bad neighborhoods. The report points out that nearly 27 percent of all auto loans nationwide are now sub-prime loans. Subprime borrowers pay higher interest rates to borrow money and now have…