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Old 11-07-2014, 02:41 PM
 
Location: Long Neck,De
4,793 posts, read 6,506,601 times
Reputation: 4742

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Quote:
Originally Posted by wankel7 View Post
I wonder if the GPS tracking is disclosed in the purchase paperwork? If it is disclosed and then agreed to then no big deal. But if it wasn't disclosed and not agreed to...
That info is clearly transmitted to potential buyers at buy here/pay here lots in my area. The dealer wants to be very clear. Miss a payment and the car will be shut down and towed away.
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Old 11-07-2014, 03:08 PM
 
Location: North Port, Florida
774 posts, read 1,826,677 times
Reputation: 844
How about just going "Inner City Old School"..... No GPS or Repo required.

That's where the creepy used car dealer picks up something cheap at the auction or from a new car dealer....for say $400.00.

He then spiffs it up a bit and puts it on his used car lot for say....$1495.00

Somebody come along with no credit/bad credit.....no problem....just come up with $400.00 and the dealer guarantees to finance the rest.
He's already broken even so anything they pay him is profit.

If the car blows up in 3 months and the buyer comes back mad.....no problem "I'll make good on this for you".....

"You just need to come up with $500.00 down payment and you can drive away in this little beauty".

...and round and round we go.

Mikey
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Old 11-07-2014, 05:06 PM
 
Location: Houston, TX
305 posts, read 280,376 times
Reputation: 243
This is common practice. Some dealers disclose this to the buyers. Some gps trackers do only locate on demand. Some will "breadcrumb" your every move and saved.
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Old 11-07-2014, 05:53 PM
 
Location: Staten Island
1,653 posts, read 1,693,649 times
Reputation: 2353
The NY Times article had an interesting quote....

The move to the shelter violated a clause in her auto loan contract that restricted her from driving outside a four-county radius, and that prompted the lender to send a tow truck to take back the vehicle. If the lender could so easily locate the client, Ms. Kleinpeter said, what was stopping her husband?

That's a first for me. I have never heard of a lender dictating where you can drive your car. When people are desperate they will sign anything.

There is a genuine concern that the next sub prime bubble to burst soon is the automobile sub prime market. When it does happen it won't be as bad as the sub prime mortgage meltdown, autos are more easily recovered and sold off again. As mentioned earlier in the thread the seller or lender makes there initial investment back and than some early in the loan.


The people that will feel it the most are prime borrowers who won't be offered rates as low as .75% to 1.50% anymore. As always the people who are the most responsible have to be lumped in and made to pick up the slack of those who can not and will not be responsible.
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Old 11-07-2014, 06:42 PM
 
3,533 posts, read 2,171,725 times
Reputation: 1886
When I bought my last car that was financed on 2003, I had great credit, the template Chrysler Acceptance finance contract had a clause prohibiting you from moving out of state until the loan was paid off. It was very fine print of course.
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Old 11-07-2014, 08:13 PM
 
Location: Staten Island
1,653 posts, read 1,693,649 times
Reputation: 2353
Quote:
Originally Posted by armourereric View Post
When I bought my last car that was financed on 2003, I had great credit, the template Chrysler Acceptance finance contract had a clause prohibiting you from moving out of state until the loan was paid off. It was very fine print of course.
Wow, really? Never heard of such a thing.
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Old 11-07-2014, 08:21 PM
 
Location: Chicago
38,691 posts, read 86,811,612 times
Reputation: 29355
Quote:
Originally Posted by TrapperL View Post
Don't let this be a big surprise to you but all cars sold today have a GPS locating device in them. On most Ford/Mazda products you'll find the black box behind the glove box. If you have Sirius radio, you have it installed with the radio. Big brother is watching.
Sirius is a passive system that receives signals only; it does not transmit back. I don't know how Mazda's system works but Ford's uses your own cell phone GPS function and data stream for GPS location if you sync it up with SYNC. So if you don't want Ford to know where you are, don't link up your phone through SYNC, or if you do, disable GPS location on your phone. I'm guessing Mazda works the same way, because direct ground-to-satellite communication is pretty expensive.
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Old 11-07-2014, 09:18 PM
 
Location: Montgomery County, PA
13,642 posts, read 8,664,774 times
Reputation: 11254
How did the police know his car had a gps locator and who sold it to him?
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Old 11-07-2014, 09:24 PM
 
Location: Chicago
38,691 posts, read 86,811,612 times
Reputation: 29355
Quote:
Originally Posted by HappyRider View Post
How did the police know his car had a gps locator and who sold it to him?
It's called "records."
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Old 11-08-2014, 06:51 AM
 
Location: Londonderry, NH
41,505 posts, read 49,557,510 times
Reputation: 24548
No wonder I pay cash for the cars I find on "Craigslist".
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