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Does CarMax install a GPS tracker on financed cars?
Panic Button As subprime loans and defaults increase, it’s important for car dealerships to protect their assets from repo. To do this, they install GPS tracking devices that monitor their inventory and keep an eye on borrowers’ credit.
When a car is stolen, a tracker lets you trace it instantly with its mapping information included in the device’s software. You can even contact the police to help locate it.
Some state laws have enacted rules for “kill switches,” which prevent repossessions by shutting down the starter when drivers fail to make payments or other obligations. But only about half of them require the lender to tell a borrower that such a device is installed, said Sophia Romero, a staff attorney in the Consumer Rights Project at Legal Aid Centers of Southern Nevada.
These devices also allow a lender to contact the customer, who may be able to negotiate a new payment plan. And if the customer removes the device, it sends a tamper alert, which gives the lender time to recover the vehicle.
These types of tracking devices are usually installed through OBD ports, which are on board diagnostics ports that mechanics use to run diagnostic reports and interface with the car’s onboard computer. These plug-in devices can be installed almost anywhere on a vehicle- in the front and rear bumpers, wheel wells, under floor mats or seats, or in the glove compartment.
Homepage: https://loneworkerdevices.com
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