Ford Submits Patent For Car That Repossesses Itself Or Locks Drivers Out Of Features If Payments Missed

Ford Self-driving technology was the subject of a patent application Vehicle The bank will take over if the owner fails to pay car payments.

This original application was filed two years ago. Published The United States Patent and Trademark Office (USPTO) last week described a series of computer interactions that would trigger an alert. “multiple-step repossession process” In the event of default. The bank could issue multiple warnings for drivers and leaseholders regarding missing payments before locking the vehicle or requiring that they cooperate with the repossession process initiated in part by financial institutions.

According to the patent application, “if an acknowledgment isn’t received within a reasonable time, the first computers may disable a functionality or place the vehicle in lockout condition,” The computer system that is managed and controlled by the lending agency. You can temporarily lift the lockout condition in an emergency to allow the vehicle to travel to a hospital.

The technology could theoretically work in many vehicle types, including internal combustion and electric. In the event of missed payments, the technology can deactivate features such as the air conditioner, remote key fobs, and automated locks. This will allow you to: “cause an extra level of discomfort to the driver and occupants” Encourage payment submissions. Alternately the technology could trigger chimes and beepers that emit an incessant, unpleasing sound whenever the owner is inside the vehicle.

Drivers who do not pay their car payments on time could be charged with a fine. “geofence”To deactivate vehicle’s systems, press the. To avoid “adversely impacting a livelihood of a vehicle owner,” The system could lock the vehicle even if the employee is not at work. “hampering” Owner’s ability to pay.

Drivers may not be able to take the necessary actions and the vehicle could end-up needing to be towed. Semi-autonomous vehicles may be able to move to a better location for tow trucks while fully autonomous vehicles are able to be moved “from their premises to the premises or lending institution without the use of a towtruck.”

Vehicles with high mileage may be asked to go to a junkyard if repossession costs are too high. Police may also contact a vehicle if it attempts block its path. “foil” A repossession process.

This patent application has been filed because more consumers default on auto loans due to economic turmoil and inflationary forces. A December 2022 report showed that the number of people in default on their auto loans by more than 60 days had increased 26.7% over the previous year. Report Cox Automotive. 1.84% is the highest rate of delinquency in the aftermath of the financial crisis.

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Over the past two years, inflation has forced consumers to take on more debt to finance their transactions. Record car payments are being made by the Federal Reserve, who has reduced interest rates in the economy. According to the Federal Reserve the average annual percentage rates on new financed cars rose from 5.7% in quarter 3 to 6.5% quarter 4. Data Edmunds reports that used-financed vehicles have a rate of 9% to 10%.

Financial institutions have used financial instruments to avoid debt, despite being more indebted than they are. Wells Fargo agreed to pay $3.7 Billion Settlement The Consumer Financial Protection Bureau was contacted last year by the bank after it incorrectly repossessed vehicles, and illegally charged loan fees.

From Ford Submits Patent for Car That Repossesses Itself or Locks Drivers Out of Features If No Payments Are Made

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