A New Kind of Lender Secretly Tracks Your Car to Make Sure You Pay Up



SHANGHAI—In China, a new type of internet loan comes with a catch: lenders can track your car’s whereabouts and can seize it if you fail to make payments.

The country’s large online peer-to-peer lending industry, which matches investors with small borrowers, has sprouted a business built around car ownership. Even though Beijing has curbed the activities of hundreds of online lenders, others are trying to expand by providing short-term cash to hundreds of thousands of individuals who pledge their vehicles as collateral for…



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