Toyota could install a GPS device in financed vehicles

The use of GPS trackers on financed vehicles is quite prevalent in some countries. Now, according to a media report, Toyota Financial Services could introduce a similar device in vehicles that are financed through them in India.

N Raja, Managing Director and CEO, Toyota Financial Services, has stated that the GPS system will ensure safety and security of the vehicle. It will enable the finance company to track down vehicles of loan defaulters. Insurance companies would also welcome the move as it will reduce the possibility of theft. This could result in lower insurance premiums as well.

N Raja also stated that the company is looking to tie up with vendors and localise the product so that it can be made available at an affordable price. The device could be installed by the manufacturer making it an inseparable part of the vehicle and tamper-proof.

Source