Device remotely disables cars if owner is late on payments

A device made in Colorado is helping car dealers and people with bad credit. The device is quite simple. It`s installed like a car alarm, and a series of beeps remind car owners when their payment is past due.

If your car payment is late, you would hear a beep when you start your car and when you turn it off that would last for about 20 seconds.

And if you wait too long to submit your payment, you`ll hear a different beep. This one means your car has been shut down remotely. As if that weren’t enoughdeterrentfor late payers, a GPS system can track your car for repossession if you don’t pay up.

The first unit was bought by a Denver dealership in 1997 for $150. Now the company is doing more than $20 million in sales this year.

The success is in large part due to the fact that Passtime not only protects dealerships, but also helps the car buyer.

The device also serves as an anti-theft system, and in several cases law enforcement agencies have been able to track stolen cars through the Passtime GPS feature.