According to recent media reports, Ford has filed a patent for a new technology that would allow banks to repossess vehicles if the owner misses multiple payments.
The patent, titled “System & Methods to Repossess a Vehicle,” details a system that can be installed in any of Ford’s vehicles and is capable of disabling various functions in the car. This includes everything from the engine to the air conditioning.
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The system can even move vehicles with autonomous or semi-autonomous driving capabilities to a more convenient location for repossession.
What does the report suggest?
The reports suggest that a “repossession computer” could be installed in all future Ford cars to facilitate this technology.
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No extra hardware is needed for the system to function, and there will be several warnings before initiating the repossession process.
The system will gradually disable features, starting with minor ones like cruise control and seat adjustments, before locking more significant functions such as the air conditioning and door locks.
Additional features
Additionally, the car will play a constant sound each time the owner sits in the vehicle. If these measures fail, the system can even lock the owner out of the car entirely.
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The patent does state that the financial viability of executing the repossession procedure will be considered, and the vehicle may be asked to drive to the repossession agency or directly to the scrapyard.
Overall, while the full details of the technology are unknown, the patent suggests a system that would make it easier for banks to repossess vehicles from owners who have missed multiple payments.
credit:google
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It remains to be seen if and when this technology will be implemented in future Ford vehicles.
Of course, there are concerns about the potential for abuse with this type of technology.
There is always the risk that banks could disable a vehicle’s engine even if the owner is only a few days late on payments, or that the technology could be used to unfairly target certain groups of borrowers.
However, these concerns can be addressed through appropriate regulations and oversight, ensuring that the technology is used fairly and responsibly.
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Overall, while it may seem concerning at first glance, Ford’s new technology has the potential to benefit both banks and car owners.
By reducing the risk of lending and encouraging timely payments, it could help make car ownership more accessible and affordable for a wider range of people.
At the same time, appropriate regulations and oversight will be necessary to ensure that the technology is used responsibly and fairly.
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