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2014-09-30 PassTime Press Memo


Tuesday September 30, 2014 - PassTime has been recently contacted by various media outlets regarding its products as the result of pending litigation against one of PassTime’s valued customers. Our company policies prevent us from commenting on pending litigation involving our product.  With that said,  our device plays a vital role in allowing those who might not otherwise qualify for an auto credit to get financed.  We are proud that our technology has given consumers greater access to financing and enhanced transportation options. 

 

PassTime has been in business nearly two decades and has well over one million devices on the road. During that time, thousands of car buyers have personally called the PassTime Customer service line to thank us for helping them get car financing for a better vehicle at lower rates that they otherwise would have had access to without the device. Further, independent studies have demonstrated that, with the use of devices like PassTime, payment default rates at dealerships using the devices fall from as high as 40 per cent to below five per cent, while repossession rates as high as 25-30% fall to below 3%. In simple terms, the devices let people buy cars, and let them keep cars. Nearly all car buyers with these devices installed also consistently see their credit scores improve – and access to credit builds personal wealth.

 

PassTime actively works with dealers and finance sources to ensure compliance with applicable local and federal laws. This includes providing regular workshops on the issues of legal compliance. We have engaged national compliance counsel for over 15 years to monitor and advise us of changes in federal and state laws that impact the use of devices as those changes occur. PassTime also works with state regulators to ensure the regulators understand the use and safety of the devices and that PassTime complies with applicable state law.  Passtime has also consulted on state legislation ensuring that enacted laws provide proper consumer protection and guidance for dealers and finance companies using the devices. 

 

PassTime prohibits its dealers and finance sources from charging car buyers for the devices. PassTime provides its dealers a comprehensive disclosure statement detailing the purpose and functions of the devices—including, where applicable, a device’s ability to render a vehicle unable to start. Dealers agree to use the Passtime disclosure or adopt a similar comprehensive disclosure that a Car Buyer must read and sign before buying the car.

 

Devices cannot disable a moving vehicle, and all devices capable of vehicle disablement have audible warnings reminding the consumer when payment is due. In the event of an emergency or to avoid inconvenience, a customer who has their vehicle disabled for non-payment may contact PassTime 24/7 for a code allowing the customer another 24 hours to drive the vehicle.

 

PassTime is proud of its products, committed to compliance, and respectful of consumers.  Again, PassTime will not comment on the merit or lack of merit of any lawsuit. PassTime will conduct an internal, thorough investigation of the matter, and will continue to ensure its compliance with the law.


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