Toyota Planning On Introducing GPS Devices On Financed Vehicles
Toyota Financial Services might fit GPS tracking system on cars it finances in India, in order to improve security. This move is in line with practices in countries like Singapore and Thailand and the firm is currently examining how it all works there.
Since the financial arm of of Toyota Kirloskar Motor finances one out of every three vehicles sold in India, the firm thinks this practice will benefit all the stakeholders.
“The GPS system will ensure safety as well as benefit customers. It will improve security and reduce chances of theft,” Toyota Financial Services, Managing Director and CEO, N Raja has stated.
He added that, currently, the firm is looking at getting the right equipment and is also trying to localise it to offer the GPS system at an affordable price. “We will bring such a programme to India once we are able to lay our hands on the equipment,” he said.
By fitting the Toyota GPS tracking system, the firm will be able to track a vehicle in case a customer defaults on loan payments.
“Insurance firms, too, will see it as a positive move as it will reduce the possibilities of theft, and, will likely pass on the benefits of drop in claims to customers by way of reduced premiums,” hopes Raja.
While the finance firm thinks it would be better if the manufacturer itself fits the GPS device, so that it will be tamper-proof, Toyota Kirloskar Motor is also thinking along the same lines.
If anything, Vice Chairman of the firm Shekar Viswanathan said, “It is a smart move and something the RBI should insist every bank should adopt. It will improve asset security and is in the best interest of all the stakeholders.”
Toyota GPS Tracking System
- Toyota Financial Services to install GPS system on cars it finances
- Currently, the firm is looking to buy the right equipment’
- The device might be localised and fitted by the carmaker
Source – EconomicTimes.com