Depends on which model vehicle your talking about. My X is a 2005 4.4 and yes the glove box locks
but I wouldn't call that a secure option to store anything of value. If you valet the vehicle locking it will
do you no good since you turn over the key to the driver.

In the case of the E60 you turn over the ignition key to move the vehicle but you keep
the locking key for both the trunk and the glove box. better option IMHO.

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