World News: The Daily Money: Automakers want you to keep paying for features in perpetuity

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Thursday, August 4

It's Thursday, Daily Money readers. Jayme Deerwester back with you.

When you buy a car, you expect that if you buy a certain trim level, you get all of the listed features as long as you own the car, right? That may not be the case for much longer.

Automakers are turning toward subscription payment models as an additional revenue stream. That could mean features typically included in the upfront sales price – heated seats and even advanced safety features like adaptive cruise control and automatic braking – will require monthly payments.

While many subscription models are being tested in markets outside the U.S., experts say it won't be long before they become status quo in the U.S. However, research from an automotive organization shows most drivers are against added fees.

In fact, BMW tried the subscription approach with Apple CarPlay and Android Auto in the U.K. market a few years ago but reversed course due to customer blowback.

"We all kind of know it's coming," said J.D. Power's Vice President of Data and Analytics Tyson Jominy. "As much as I don't like it, I view it as inevitable."

Equifax error may mean you're paying more for your mortgage or car loan

Equifax shared inaccurate credit scores on millions of United States consumers applying for home and auto loans during a three-week period this spring, the credit reporting agency acknowledged this week, according to reports.

Equifax shared erroneous credit scores of about 300,000 individuals applying for auto loans, mortgages and credit cards to a variety of lenders between March 16 and April 6. Some scores were off about 20 or more points in either direction, which was enough to alter interest rates or result in a consumer's loan application being rejected, according to The Wall Street Journal.

🎧 Mood music 🎧

Between the stories about car companies wanting us to keep paying for features we already paid for and diabetics having to pay extra depending on how they use the same insulin, I feel compelled to quote the great philosopher Dee Snider:

"Oh, we're not gonna take it. No, we ain't gonna take it. Oh, we're not gonna take it anymore."

About The Daily Money

Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. It even comes with its own Spotify playlist . It features nearly every song quoted here.

Follow Jayme Deerwester on Twitter – or Instagram, if you prefer puppy pictures. (Why? Because everybody loves puppies!)

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