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Forgive 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 f
by ByteJockey 6y ago
Forgive 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?