… for a computerized device that would allow a vehicle to be repossessed without someone actually driving it away. The next step in self-driving vehicles could be for them to drive themselves back to the office of the lender.
As someone who has repossed vehicles ( many years a go ) I have mixed thoughts about this .
I recently had a savings deposit entered into the wrong account so this could happen to a loan payment .
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my friend and I were talking about this yesterday. The way this tech could be used is scary.
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If you have a vehicle than is capable of driving itself with out your involvement, then you have a vehicle that is capable of being hacked/stolen… What better way to steal a vehicle then to hack it and drive it away or give it the GPS coordinates to your location of choice.
And what is it to keep someone from hacking your vehicle to cause you harm???
Or for all the conspiracy followers, Imagine what the government could do with this tech, late on your taxes? The IRS could simply have your vehicle redirected to them for a conversation you maybe avoiding… the list of possibility’s goes on and on and on…
Not going to get into a political or environmental discussion, just the endless possibility’s could have life or death consequences, such as rushing someone to the ER cause no time to wait on EMS and your vehicle is stopped out in BFE (slang for way out in the middle of nowhere) due to speeding…
Hard to sell something if nobody will buy it… just saying…
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I hope they keep better records that Avis and Hertz.
Simply answering a question and answering why I didn’t use actual words…
better get rid of my wifi garage opener. i park in garage and ford will hack my opener and drive my car away.
Doesn’t need to be self driving to be repossessed.
Imagine a scofflaw drives to a store etc. and parks, then the car is remotely bricked.
Repo person can tow car away a few hours or days later.
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I knew all this Internet of Things was a bad idea, and under no circumstances will I ever own a smart-anything–especially a car with this kind of technology. Big Brother is definitely watching…but he cannot remotely monitor or control a 30-year old Dodge Spirit or similar car. I suspect that old cars will suddenly become super-expensive and highly desirable.
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You don’t need to look back 30 years to avoid telecommunication in vehicles, millions of vehicles have obsolete data communication modules. With 3G network discontinued, 2017 and older Toyota and Lexus vehicles (and many others) can no longer use data communication services.
The system seems legitimate based in how the article describes it. The owner has several warnings before repossession takes place. If the lender makes a mistake the borrower can contact them and clear up the issue before even turning off mobile services takes place, the steps before immobilization takes place. Borrowers in arrears could be violent during a repossession. It seems to me protecting the people repossessing the vehicle is a good thing.
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I don’t think that most of us are worried about the repo side of it as much as the fact that the vehicle can be controlled remotely…
As for the repo side of it, I have a friend that was a repo man for 20 years in the Detroit area, he got out of it in the mid 90’s after loosing half of his friends from being shot while repoing (yes I know it’s not a real word lol)… But that is the line of work they chose and some people love the chase of it, and he made a pretty good living from it… Of course repo trucks have a very low resell value with bullet holes all in them…
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And that’s why the Ford protocol makes good sense. I’d rather protect the people engaging in a legitimate business than the criminals that want to shoot them. Just about anything we do has both positive and negative ramifications.
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I thought folks like on star and the rentals could already do that.
A little off topic but I’m for the little guy. I happened to read the fine print on my Acura contract some years ago now. A little spare time. But in there was the clause that upon the death of either of us, the contract was canceled. I thought what do they care with automatic payments anyway? But it is there.
As you know I hate what credit cards have done to people. So I watched an interview with I think it was gov janklow in South Dakota, with no usery laws pulling Citibank and others in so they could charge 25% or whatever they wanted. Included was a discussion of all the fine print in these contracts that people never read. This was back in the 70s. I only use them for travel or if I want to spread a large purchase over a couple months. I refuse to be a part of their cash back schemes just as a matter of principle. My bil showed me his $1000 cash Back statement and was quite proud. He’s a cpa though and won’t get in trouble and uses cards for everything. Yeah I know debit cards pay them too but it’s just my private war with the Madison Avenue guys trying to hook people in.
On to smart phones. Ya can’t even buy tickets for a ball game without one.
Long before credit cards the walk in loan places had a practice called Loan Flipping . They would call or mail an offer to loan you money before the loan was paid in full . If they got someone to do that 3 times people were almost paying to borrow their own money .
By avoiding the Cash Back cards you are leaving money on the table plus the Fraud protection they have .
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Yeah I understand all that. I’ve had a little sales experience and saving money is only one hook to pulling in a prospect. Sales people deflate when you say no I’m not interested in saving money. Woe to him that doesn’t realize that some folks just want a new red Volvo in the driveway and don’t care what it costs.
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