Toyota’s finance arm plans to fix GPS device on financed vehicles

- Has similar system in countries like Thailand and Singapore

- Will help in tracking defaulters and stolen vehicles 

Toyota Financial Services reportedly plan to introduce GPS devices in the vehicles financed by the firm. Toyota’s finance arm follows a similar system in countries like Thailand and Singapore. It is believed that the system will ensure the safety and security of the vehicle. The GPS system will help the company to track down the vehicles of loan defaulters. Moreover, the technology is also helpful for the customers and the insurance company in the event of vehicle theft.

Toyota Financial Services is reportedly looking for vendors to localise the product and provide it to customers at an affordable price. The GPS device will be fitted by the manufacturer for convenience and will also be tamper proof. Shekar Viswanathan, Vice Chairman, Toyota Kirloskar Motors said that if a bank is insisting that vehicles financed by them should be fitted with GPS, then regulators should encourage it.

The media report further reveals that the company will be able to introduce the new scheme only after it finds a vendor with a good product. Toyota Financial Services reportedly finance one out of every three Toyota vehicles sold in India. 

Source: ET