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The next time you’re thinking about investing in a new car, buy the one that does away with a VIN tag. It would mean that, no longer would any car manufacturer and dealership use different numbers for their cars in order to get you to put down cash for something they don’t want you to get away with. That would eliminate a lot of confusion.
VIN-based identification systems would also eliminate the need for car registration and the need for title insurance and the need to get the money refunded as a result of your purchase.
In fact, this is exactly the reason why all automakers, including Tesla (TSLA) and Fiat Chrysler (FCAUY), have opted to implement VIN-based credit systems in their vehicles in recent years. Fiat Chrysler now requires that the first owner add a signature to an application for a vehicle to get the car registered.
In addition, the National Automobile Dealers Association (NADA), the trade association representing American automobile dealers, has pushed state and federal governments to require all cars sold in these states to have VIN-based identification systems.
A study on vehicles with VIN-based identification systems commissioned by the NADA found a reduction in vehicle prices.
“We found that those prices drop by up to 3 percent if you install VIN-based IDS at each of the vehicle location,” wrote Kenneth Johnson, one of the authors of the study, published by the Society of Automobile Engineers in March.
In short: the less information consumers have to navigate and the easier it is to buy a new car, the fewer people who will buy new cars. Automotive manufacturers, meanwhile, know the financial benefits of requiring a VIN-based identification system for their vehicles.
And it could have a positive impact on consumer credit. Credit card corporations have been working to eliminate VINs and use other systems to establish a system called charge-by-issuance which allows the buyer to take a charge, and the transaction to be completed without having to prove the creditworthiness of the buyer.
For that to happen, though, auto manufacturers will need a new solution that requires VINs — the “VINless” approach. The problem is that VIN-free systems, which are still
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