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Can you elaborate a little on what you originally thought the title meant? Because I thought it meant that banks would be able to monitor/lock your phone, whic
by ByteJockey 6y ago
Can you elaborate a little on what you originally thought the title meant?
Because I thought it meant that banks would be able to monitor/lock your phone, which they would presumably use as a prerequisite for installing their banking app. Basically millions of people who have no other way to remotely access banking services being forced to have their most personal details monitored by large financial institutions and allow those institutions to cut them off from their phones.
Then it seems that it means that if you buy something on an installment plan and stop paying, you lose the ability to use it to the full extent.
We can make an argument about a phone being necessary in the modern world, but the second scenario seems much less Orwellian than the first.
This implies to me, that you may have had a very different interpretation of the title, and I'm curious what it was.
- jiofih 6y agoI also interpreted as banking apps having the ability to lock your phone (for security reasons). I don’t know how you think that this is fine - it is not how financing works. You borrow the money to purchase the device, and go into debt with the lender. They don’t own the phone and shouldn’t have any kind of access to it - it is purely a financial dispute the moment you stop paying.
- ByteJockey 6y agoForgive me for not knowing this, I've never financed a phone (I used those $40-80 walmart smartphones until fairly recently). Do phone loans of this sort not function as collateralized loans? In such a loan, ownership reverts to the lender when payments aren't made, or perhaps several payments (depending on the contract).
- jiofih 6y agoEven in that case. Think of a car lease, ownership can be reverted but the lessor has no access to the vehicle on their own.
- efreak 6y agoUnless they installed a gps tracker and remote kill switch. Which they might well have done. With self driving cars, eventually the car may be able to return itself.
- ByteJockey 6y agoThey send a repo-person after you instead. Is that really the model you want here?