what i'm up to

[CC1]

Originally Posted by houston

Yeah. Today as I was driving back home I was thinking that I really need to make better financial decisions. All the men in the family have the same problem. Put money in our hands and it catches on fire. Grandfather died with nothing.

It finally dawned on me maybe in my 40's that I was living the groundhog day movie. LOL. If you keep making the bad decisions you keep getting the same bad result and God keeps trying to teach you lesson. I still am not where I want to be but then life is a journey.

[houston]

Originally Posted by CC1

It finally dawned on me maybe in my 40's that I was living the groundhog day movie. LOL. If you keep making the bad decisions you keep getting the same bad result and God keeps trying to teach you lesson. I still am not where I want to be but then life is a journey.

Ha. I jokingly tell my cousin that I could step out in front of a truck and I’d wake up in the morning to the same life...

[houston]

Got off phone with credit union. Auto loan is a gps loan- because I didn’t have credit when I applied, I was considered a high risk. Yes, there is a gps tracker somewhere in the car. Was informed that there is NO grace period given for these loans. I was informed that they can pick up my vehicle at any time.

[Esaias]

Originally Posted by houston

Got off phone with credit union. Auto loan is a gps loan- because I didn’t have credit when I applied, I was considered a high risk. Yes, there is a gps tracker somewhere in the car. Was informed that there is NO grace period given for these loans. I was informed that they can pick up my vehicle at any time.

You got a loan from your credit union to buy a car and they put a gps tracker in your car? Are you serious?

The tracker is possibly located near the fuse panel or near the dash, it should be wired from the fuse block for power (it likely turns on whenever the car is activated, ie the car is turned on, the key is turned to the accessory-on position, the door is opened, light(s) turned on, etc). It will send a signal via wireless/aircard (like cell service, a miniature cell phone, or like an aircard for a laptop) to a website provided by a commercial service provider. The credit union can log-in and see all the cars they have trackers for plotted on a map. Yes, they can watch everywhere you go, how fast you drive, how long you stay here and there, etc. I've actually used such software as an assistant supervisor so I know how they usually work. Creepy.

Was this included in the fine print on the loan? Or the purchase agreement? I'd be checking into my legal options. Of course, if it was in the fine print and you signed off on it, well, nothing to be done, really.

But wow, that's pretty cheesy. I'd probably take my money to a different bank just because. I mean, if they don't trust you to make the payments and think you'll try to hide the vehicle from repossession, then they shouldn't have made the loan in the first place. IMO.

Banks. meh.

[jfrog]

Originally Posted by Esaias

You got a loan from your credit union to buy a car and they put a gps tracker in your car? Are you serious?

The tracker is possibly located near the fuse panel or near the dash, it should be wired from the fuse block for power (it likely turns on whenever the car is activated, ie the car is turned on, the key is turned to the accessory-on position, the door is opened, light(s) turned on, etc). It will send a signal via wireless/aircard (like cell service, a miniature cell phone, or like an aircard for a laptop) to a website provided by a commercial service provider. The credit union can log-in and see all the cars they have trackers for plotted on a map. Yes, they can watch everywhere you go, how fast you drive, how long you stay here and there, etc. I've actually used such software as an assistant supervisor so I know how they usually work. Creepy.

Was this included in the fine print on the loan? Or the purchase agreement? I'd be checking into my legal options. Of course, if it was in the fine print and you signed off on it, well, nothing to be done, really.

But wow, that's pretty cheesy. I'd probably take my money to a different bank just because. I mean, if they don't trust you to make the payments and think you'll try to hide the vehicle from repossession, then they shouldn't have made the loan in the first place. IMO.

Banks. meh.

That's crazy. However... the bank didn't have to give a loan to begin with. If the ability to gps monitor the car got them to an acceptable risk assessment then really he may should be thankful he got a loan and that they can Gps track the car

[jfrog]

Consider trying to refinance the car if you've made payments on it a while once you get a steady job again. If not with them then with some bank or credit union a job and a 6 months to a year worth of on time car payments may be enough to get you a non-gps loan with someone

[houston]

I knew about the tracker. Just informing you all. LOL. I was told they don’t like late payments... didn’t realize there was no grace period.

[houston]

Originally Posted by jfrog

That's crazy. However... the bank didn't have to give a loan to begin with. If the ability to gps monitor the car got them to an acceptable risk assessment then really he may should be thankful he got a loan and that they can Gps track the car

You’re right...

[Esaias]

Originally Posted by houston

I knew about the tracker. Just informing you all. LOL. I was told they don’t like late payments... didn’t realize there was no grace period.

There are dealerships that will make no credit check loans and as far as I know don't do the gps tracker thing. And, once paid off, you can request your payment history be filed with the credit bureaus so you can get the props.

Personally, I'd rather buy a vehicle with cash from an individual off craigslist, preferably an older, cheaper vehicle. If you spend 2000 cash for a car, you will come out better in the long run (it's cheaper). Of course, if you only have like 500 for a down payment or something your options are limited. But, there are plenty of dealerships in the Houston area that will do either the "your job is your credit" or the "no credit required" thing. In fact, several years ago I had bought an F250 4x4 (500 per month) from a place that did "no credit, no income, no ssn required" lol.

[houston]

Blue titles. Salvaged vehicles. Nah.