Due to the prevalence of car lending behavior nowadays, installing GPS in the car to monitor the behavior of vehicle borrowers within a certain range is a consistent practice in the automotive finance industry.

Some car owners, although understanding this approach, are also concerned that their privacy will be monitored in real-time or that their privacy information will be easily stolen, feeling that the GPS hidden tracker installed in the car is a "time bomb". In fact, the GPS installed by these financial institutions mostly serves as a preventive and psychological warning. The car loan industry only uses it for key monitoring within the scope of business management, mainly in these aspects:

Firstly, the "frequently used address" filled in by the borrower when applying for a vehicle loan is different from the actual location where they frequently park

This is easy to understand. In the car loan industry, there are still many cases of "bad debts", and these customers often provide false information about themselves. In the early stage, do some "preparatory work" to "verify" these false information, but if you don't follow up in a timely manner later on, the repayment period of the car loan is not like that of the mortgage, and in the end, it is very likely that the car and finances will be empty. If abnormalities are detected in a timely manner, the owner can be required to repay according to the contract content to avoid risks.

Secondly, the GPS hidden tracker installed by the staff in the car shows long-term offline status

As mentioned earlier, many people have certain biases in their understanding of this GPS and will secretly dismantle it themselves. Of course, this does not mean that GPS without signal is suspected of breach of contract. The car loan company will first analyze the situation, if the equipment is offline, then whether all the devices in the car are offline. If only the GPS signal is abnormal, then it is possible that it has been disassembled. This is also indicated in the contract as a breach of contract. In addition, the salesperson will also contact the customer by phone to confirm the situation and make a comprehensive judgment.

Thirdly, the vehicle appears within the designated "danger zone"

The 'danger zone' referred to here refers to places such as second-hand mortgages, second-hand car transactions, etc. This is to prevent car owners from reselling their loan vehicles without authorization. So at the beginning of installation, a certain range of "danger zones" will be set up. If you stay within this range for a long time, the car loan salesperson will call the customer's phone number to inquire and verify the situation.

Fourthly, after the mortgaged vehicle is borrowed, the vehicle remains stationary for a long time

Some car owners who are experiencing economic crises will mortgage their vehicles to obtain certain loans. This is different from pledged loans, as pledged loan vehicles cannot be used by their owners. What car loan companies need to monitor are the types of mortgages that allow car owners to use their vehicles independently but have higher interest rates. Generally speaking, these car owners need to use more cars, otherwise they would not choose a higher interest rate mortgage instead of pledging. If the vehicle remains stationary for a long time, it is likely that the owner has made a second mortgage or pledged it to another company. Therefore, if GPS detects this phenomenon, the car loan company will proceed with the next step of processing.

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