Will a GPS tracker be installed when buying a car on loan?
1 Answers
Whether a GPS tracker will be installed when buying a car on loan depends on the brand, region, and the buyer's credit history. Preventing overdue payments: To prevent buyers from failing to repay on time, especially those with poor credit, situations where the money is not repaid and the person cannot be found can easily occur. Installing a GPS tracker allows the lender to locate the owner promptly when payments are overdue. In some cases, if the car loan becomes overdue, the vehicle may even be disabled from starting or may continuously sound an alarm. Additional revenue for 4S stores or auto traders: Some stores may charge a GPS installation fee, which is higher for luxury brands. However, the actual cost of the GPS device is very low. Buyers can refuse to pay this fee because risk control should be the responsibility of the bank or other financial institutions, and the cost should not be borne by the buyer. It is unreasonable to require buyers to pay for GPS tracking to prevent them from fleeing.