please do 3 short paragraphs! thank you!! Many people need a car to get to work, take...

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Finance

please do 3 short paragraphs!
thank you!!

Many people need a car to get to work, take care of theirfamilies, live their lives. But obtaining an auto loan can bedifficult for those with a bad credit rating. Some financecompanies are now willing to extend credit to people who are poorrisks, on one condition: The company can install on the car atracking software with ability to disable the ignition if debtorsmiss a payment. This practice has left drivers stranded on highwaysand in dangerous neighborhoods. Is this practice unfair? Do thebenefits of obtaining a loan outweigh the harm caused by thisviolation of privacy and loss of control?

Write your discussion post in three paragraphs: in thefirst paragraph, refer to law and how you would respond as aconsumer who needs a car and this condition about your car loan.Write the second paragraph from the standpoint of a businessoffering credit upon this condition. In the third paragraph writeyour thoughts about if it is fair, and/or right to offer in the21st century? Why or why not?

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4.4 Ratings (676 Votes)

People having a bad credit rating have traditionally faced rejections and poor responses to their loan applications The law is designed in a way such that losses to the finance companies can be minimized The law is designed to discourage people with higher default risks from getting further credit and further defaulting on them Credit defaults tend to bigger problems in the ecosystem The losses faced by credit providers are then passed on to the people with good credit profile The law thus aims at minimizing the burden of default by people with low credit See Answer

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please do 3 short paragraphs!thank you!!Many people need a car to get to work, take care of theirfamilies, live their lives. But obtaining an auto loan can bedifficult for those with a bad credit rating. Some financecompanies are now willing to extend credit to people who are poorrisks, on one condition: The company can install on the car atracking software with ability to disable the ignition if debtorsmiss a payment. This practice has left drivers stranded on highwaysand in dangerous neighborhoods. Is this practice unfair? Do thebenefits of obtaining a loan outweigh the harm caused by thisviolation of privacy and loss of control?Write your discussion post in three paragraphs: in thefirst paragraph, refer to law and how you would respond as aconsumer who needs a car and this condition about your car loan.Write the second paragraph from the standpoint of a businessoffering credit upon this condition. In the third paragraph writeyour thoughts about if it is fair, and/or right to offer in the21st century? Why or why not?