[PhantomGremlin]

Wait, so people can remotely track my car or turn it off?

Under those circumstances it's not really "your" car.

Yes, you might have put down 5% of the total purchase price. So you have a title, and legally you own the car. But 95% of the "skin in the game" is the lender's. The car belongs mostly to the lender.

Don't like that? Easy solution, don't be a deadbeat. Or save up and pay cash.

I agree with the rest of your post. The privacy implications are quite scary.

[nradov]

In most states you don't actually receive the vehicle title on a new car until you finish paying off the loan. Lenders hold on to the title so that buyers can't resell or export the car.

[forapurpose]

Even lessees should and do have rights. For example, landlords can't just do whatever they want if a renter misses a payment.

[saagarjha]

When I pay off the car, does the device get removed, or do I just come to an agreement with the dealer that they won't remotely disable my car or track me? Actually, when I buy a new car with cash, do they remove the device, or are they just lazy and install one in every car?

[joering2]

For the very expensive cars they will send agent to remove ot at their expense.

Its funny but most contracts wont tell you you have this kind of device on you. Its mostly for expensive cars that havent been paid in month. My brother worked as mechanic and people constantly came to remove it off the car. He used to do that for a fee because its not his responsibility to check who owns the car. He assumes whomever shows up at the shop with keys and money to pay for his work, hes ready to go.

I always wondered how much it pissed them off. One time out of curiosity they left device hooked to batter for some time. It took agent three weeks to show up (i bet you once you stop driving that where they send someone to try to pick it up). The agent was rude and angry to give out the car cause he seen device pinging from said location. Altho he didnt have warrant they let him in the lot out of shits and giggles just to waste his time in Georgia 103 degrees summer daylight to walk around the lot size of a football stadium in search for a grey Audi lol ;)

[gruez]

why is this post getting downvoted? clearly these devices work, otherwise lenders won't be using them. if the devices are banned/never existed, lenders will either not lend in risky cases they would have otherwise lent or charge higher interest rates.

[matte_black]

People seem to take offense with being called “deadbeats”.

I think though the term is warranted. It is despicable to enter an agreement to lease a car from a lender and then not make payments.

[fjsolwmv]

It's nothing compared to the despicable ways "car dealerships" (really finance scams) steal from poor people.

https://youtu.be/4U2eDJnwz_s

Or how the National Association of Mortgage Financers or whatever it's called defaulted in their mortgage.

Or how companies declare bankruptcy.

Default is a part of finance. Good faith bankruptcy is not ethically challenged. Both parties to a contract are responsible for counterparty risk.

[sullyj3]

It doesn't suddenly become possible when you start missing payments.

[qop]

Following your logic there, I would be able to pay 5,001 on a 10,000 car and be able to lay claim to it.

Lending finance is a bit more ethereal than that, in practice.