Car tracker as Bank loan requirement: Fishy or not.

**Indiosbravos200** · December 13th, 2012 12:34 AM

Folks -- i just want to get your opinin on this matter. We are purchasing a brand new auto mobile as replacement for our sedan. Our SA assisted us in finding a bank where we can take out a loan with the best deal . The best deal we got from our SA came from a savings bank. The catch is that the dealership will need to install a car tracker in the vehicle. The reason we were given was that the bank giving the loan had some recent history of debtors defaulting and not surrendering their units. This will help them track the collateral in case tinakbo ung kotse.

My concern here is that 1) This is the first time I heard this being done on a car loan. 2) im kind of not comfortable just because I do not know who has access to the tracker 3) this could be double edged because how would I know if my car is safe, knowing other people can easily track the movement and icarnap na lang. Baka may numenok na lang sa mall or sa parking lot namin just because somebody knows the loction. I sound doubtful kasi I wouldnt trust anyone with a PHp 1 M+ automobile kahit personnel sa bangko minsan may kulo.

TIA for your insight on this.

**blacksun25** · December 13th, 2012 08:10 AM

Originally Posted by Indiosbravos200

Folks -- i just want to get your opinin on this matter. We are purchasing a brand new auto mobile as replacement for our sedan. Our SA assisted us in finding a bank where we can take out a loan with the best deal . The best deal we got from our SA came from a savings bank. The catch is that the dealership will need to install a car tracker in the vehicle. The reason we were given was that the bank giving the loan had some recent history of debtors defaulting and not surrendering their units. This will help them track the collateral in case tinakbo ung kotse.

My concern here is that 1) This is the first time I heard this being done on a car loan. 2) im kind of not comfortable just because I do not know who has access to the tracker 3) this could be double edged because how would I know if my car is safe, knowing other people can easily track the movement and icarnap na lang. Baka may numenok na lang sa mall or sa parking lot namin just because somebody knows the loction. I sound doubtful kasi I wouldnt trust anyone with a PHp 1 M+ automobile kahit personnel sa bangko minsan may kulo.

TIA for your insight on this.

First time ko lang marining yung ganyang set-up. Wag ka pumayag cause it's clearly a violation of your privacy. Anong bank ba yan? And how good is the deal they're offering. curious lang..

**calix0305** · December 13th, 2012 08:17 AM

Sa US common practice na to, they can even disable your car and won't star if in case you failed to pay your dues to the bank. Meron ngang isang incident sa states na isang na-terminate na employee ng provider ng ganitong system who have access to the system ayon pinagdi-disable yung mga client's car para makaganti sa employer nya.

Yes privacy and security must be questioned here.

**1D4LV** · December 13th, 2012 08:21 AM

Originally Posted by Indiosbravos200

Folks -- i just want to get your opinin on this matter. We are purchasing a brand new auto mobile as replacement for our sedan. Our SA assisted us in finding a bank where we can take out a loan with the best deal . The best deal we got from our SA came from a savings bank. The catch is that the dealership will need to install a car tracker in the vehicle. The reason we were given was that the bank giving the loan had some recent history of debtors defaulting and not surrendering their units. This will help them track the collateral in case tinakbo ung kotse.

My concern here is that 1) This is the first time I heard this being done on a car loan. 2) im kind of not comfortable just because I do not know who has access to the tracker 3) this could be double edged because how would I know if my car is safe, knowing other people can easily track the movement and icarnap na lang. Baka may numenok na lang sa mall or sa parking lot namin just because somebody knows the loction. I sound doubtful kasi I wouldnt trust anyone with a PHp 1 M+ automobile kahit personnel sa bangko minsan may kulo.

TIA for your insight on this.

there is a gray area on privacy, security and compliance.
kung ako sa iyo, hindi ako papayag unless they have those policies properly documented.
madami namang ibang bangko dyan eh.

**skybison** · December 13th, 2012 08:53 AM

moving forward, in case no choice/option ka with that bank and got the car:

find it and disable when you get home.

**dfopiso** · December 13th, 2012 09:15 AM

ako rin first time to hear about this sa atin

**oj88** · December 13th, 2012 09:23 AM

I wouldn't mind having it. However, as soon as the car is paid off, you're well in your rights to remove it.

**111prez** · December 13th, 2012 09:31 AM

Kung ang tracker ay via cell phone, huwag mong lagyan ng load ang sim card

**ghosthunter** · December 13th, 2012 09:35 AM

If you feel insecure with having a big-brother device in your car because of your car loan, you can always disable it without having to directly tamper with the device. Simply by putting a "faraday cage" around the device and the device's antennas would disable it from sending and receiving any signals.

**Noel Salisipan** · December 13th, 2012 09:57 AM

Choice mo lang naman, kumuha ng loan sa kanila na may tracker dahil yun ang rules nila, o kumuha ka na lang sa iba na walang taracker na standard naman sa ibang bangko.

Nakapagtataka lang, gagastos sila ng tracking device pero sila pa rin ang best deal.
Tingin ko ang the best, ikaw mismo ang makipagdeal at humanap ng bangko. Tiyak bawas pa porsyento ng SA mo.

- - - Updated - - -