Have you gone for a car loan? Or are you planning on going for one but heard about auto lenders tracking your car hence need answers? Well, you’re not alone in this as I’ve seen and heard people ask this question alot hence my decision to provide you with what you need.
So the question is, can finance companies track your car? Well, no body would set up a business to incur losses that can be avoided and that includes auto lenders as well. Although they set out to serve their customers with the best of products, they are also mindful of cutting down losses.
Therefore any measures they put in place is targeted at reducing risk involved in giving out their monies or car to you.
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Can Finance Companies Track My Car?
Yes! Finance companies can track your car for as long as you are signed unto their loan agreement. Once you sign the loan agreement, you have agreed to it and at the time of writing this, its absolutely not illegal for finance companies to track your car.
I understand the concerns raised by some borrowers about privacy and all that. However, that shouldn’t be a problem provided you will not be late for payments all the time or delinquent for more than 90 days. This is because these trackers are normally only activated when you are in default.
Why Do Finance Companies Track Your Car
The main reason why finance companies track your car is to know the whereabouts of their car so they can repossess it if the need be. Some unscrupulous borrowers normally go into hiding when they are in default hence the need to put trackers in your car.
Aside preventing losses as a result of delinquent borrowers, lenders also track your car in order for them to be able to finance more customers and reduce repossessions.
The trackers are not there to invade your privacy as it is often times only activated when you are in default. The tracker will be removed once you complete payment.
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Can I Remove The Tracker Myself Without Informing My Finance Company?
Yes you can! But the question is should you? You cannot simply outsmart your finance company by removing the Tracker before you complete repayment of your loan.
They will know and they will find you if you do. The States or any other country you find yourself may be big, but not big enough to hide from your finance company.
The details you entered whiles applying for the loan such as your personal address, drivers license, employment information, references, etc can all be used by them to track you. Hence if you yield to the temptation to remove the tracker from your financed car, expect a towing vehicle at your hide out soon.