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.
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.
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.
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.
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.
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.