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I 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 f
by jiofih 6y ago
I 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?