Have you ever wondered what a repo man from the future would be like?
We answer that question and more in this week’s edition of What NJ Drivers Need to Know. This week’s top stories touch upon the future of repo men, the potential for falling gas prices, and a substantial recall from two different auto manufacturers.
To help you catch up with the whirlwind of auto news released this past week, here are the top stories that NJ drivers need to read.
Gas Prices to Fall Below $3 a Gallon by End of Year
The price of gas may very well be less than $3 a gallon by next year. Despite the turmoil in the Middle East, gas prices are set to fall for much of the country. According to a recent study by GasBuddy.com, up to 30 states will benefit from lower gas prices.
Oil prices worldwide are at their lowest level since 2012. Yet while the average price across the country will not fall between $3 a gallon by next year, there is hope for a more widespread price reduction in the oncoming years.
The current national average for a price of gas is at $3.34 per gallon, while NJ pays $3.17 on average.
Chrysler Issues Recall for 350,000 Vehicles
This year has been a big year for high profile vehicle recalls. Specifically from General Motors. This week saw another flurry of recalls with Chrysler issuing an alert for over 350,000 vehicles due to a faulty ignition switch, as well as Ford recalling 850,000 vehicles over airbag issues.
The Future is Here with Digital Repo Men
Repo men are innovating when it comes to technology. Certain lenders are now using a kill switch that deactivates a vehicle once a borrower misses a payment, and the repo men have direct access to it. While this is certainly more efficient than driving all over to repossess vehicles, there is a potential ethical issue for some.
One instance of the kill-switch being used by a “virtual repo man” could have potentially led to a dangerous situation. A mother who had fallen behind a payment by three days, was desperate to drive her child to the hospital, who was suffering from a 103 degree fever. But was surprised by a “dead” vehicle.
While lenders are certainly expected to reclaim property, this new approach may lead to some outcry from the public.