Future Ford vehicles will repossess themselves

[Eighty]

This is fixing a problem that doesn't exist.
If someone is not paying their bills the truck turning it off is not at fault, it's the bank that gave them their loan, and the privately owned and operated companies that are requested to repo the vehicle.

I’ve read this probably 10 times now and still can’t figure out what you’re trying to say. But it sounds like you’re saying that having to repo a vehicle is the fault of the lender?

 

[Darksteel165]

I’ve read this probably 10 times now and still can’t figure out what you’re trying to say. But it sounds like you’re saying that having to repo a vehicle is the fault of the lender?

If you stop paying the mortgage on your house. Do the doors electronically lock to prevent you from entering?

Automating access control of physical property does not help consumers.

A truck that can disable itself if the manufacture or someone with remote access deems it so is just outright insane.

Banks provide loans to customers, the customers pay interest on the loan which is payment for the risk of giving the money. It's not the fault of the lender, but it is the responsibility the lender takes knowing well that the borrower may not pay it back.
Not getting paid and defaulting on a loan is a risk of the bank or the lending party, and has 0 to do with whatever the loan was for and should stay separate.
The bank makes profit based upon a certain amount of risk, which includes paying people to take back items that are no longer paid for.

No consumer thinks "wow I wish these cars\trucks could lock their owners out so we have an easier time taking it back". This is a solution to a problem that does not need solving at this level. Right next to subscriptions for your heated seats to work.

 

[Rock Crawler]

I’m certain we are not talking about a few missed or late payments. I’m sure this would be activated in a case of severe delinquency. If someone buys a vehicle with a loan, and stops making payments, there has to be a reasonable timeframe when the lender can do anything in their power to get THEIR vehicle back. Just because the lender took the chance doesn’t give the buyer the right to keep the vehicle forever without paying for it. Now the question is, what is reasonable? I’m sure that is clearly written in the contract that the buyer signs (i.e. agrees to because they signed). I agree that the automated shutdown feature is a little big brother-ish, but if that is what it takes for lenders to get, what I would consider a stolen vehicle, back from the “renter”, so be it. I say renter because the “buyer“ stoped making payments. Not paid off, not your vehicle. I’m sure there would be a lot to it. Is the vehicle parked in an area where it would be accessible to repo? Is it safe to do so? I would assume the repo company would have to follow the vehicle to a public place where it would be easily picked up at a later time due to the buyer abandoning it because it won’t start (they will know why). This would make repos much safer as opposed to doing it with the buyer around. Now, after the vehicle is paid off and it’s yours, that’s when I would have a problem with someone having the ability to disable the vehicle. But, hasn’t On-Star had that ability for ages in Cadillacs and other vehicles?

 

[Eighty]

I’m certain we are not talking about a few missed or late payments. I’m sure this would be activated in a case of severe delinquency. If someone buys a vehicle with a loan, and stops making payments, there has to be a reasonable timeframe when the lender can do anything in their power to get THEIR vehicle back. Just because the lender took the chance doesn’t give the buyer the right to keep the vehicle forever without paying for it. Now the question is, what is reasonable? I’m sure that is clearly written in the contract that the buyer signs (i.e. agrees to because they signed). I agree that the automated shutdown feature is a little big brother-ish, but if that is what it takes for lenders to get, what I would consider a stolen vehicle, back from the “renter”, so be it. I say renter because the “buyer“ stoped making payments. Not paid off, not your vehicle. I’m sure there would be a lot to it. Is the vehicle parked in an area where it would be accessible to repo? Is it safe to do so? I would assume the repo company would have to follow the vehicle to a public place where it would be easily picked up at a later time due to the buyer abandoning it because it won’t start (they will know why). This would make repos much safer as opposed to doing it with the buyer around. Now, after the vehicle is paid off and it’s yours, that’s when I would have a problem with someone having the ability to disable the vehicle. But, hasn’t On-Star had that ability for ages in Cadillacs and other vehicles?

Here’s a good solution. Microchip installed when financing, that enables autonomous repossession. Pay off the loan, and you get (1) your clean title, and (2) a key to unlock and remove the microchip that enabled the repo capability.

 

[Rock Crawler]

Here’s a good solution. Microchip installed when financing, that enables autonomous repossession. Pay off the loan, and you get (1) your clean title, and (2) a key to unlock and remove the microchip that enabled the repo capability.

Damn good idea. Sounds like a company you should start, probably some good money in it. Your million dollar idea. Imagine providing that service to lenders nationwide. Could be done as a secret installation like Ravelco. Chop, chop before someone steals your idea.

 

[Rock Crawler]

Well crap, too late. I thought I would Google it and found this. Sorry Eighty.

Starter disable for vehicles with real time GPS tracking system

Car GPS tracking system with starter disable, real time tracking, speed alerts, and engine shut off. $119 includes 2-years of service and starter disable.

gpsandtrack.com

 

[Eighty]

Well crap, too late. I thought I would Google it and found this. Sorry Eighty.

Starter disable for vehicles with real time GPS tracking system

Car GPS tracking system with starter disable, real time tracking, speed alerts, and engine shut off. $119 includes 2-years of service and starter disable.

gpsandtrack.com

I’m pretty sure those are the ones that just plug in under your dash (and can be removed by anyone who bothers to look for it). Several people on this forum have found them after buying their trucks, when the dealer “forgot” to remove them.

 

[Mountain Whiskey]

I heard the comparison to not making a house payment and it locking up. That is a little more complicated but don't pay your rent a couple months on your apartment and see what happens.

I had a neighbor that was swindled by a bank lending her money for a house payment was too much. She took the ballon loan and lo and behold interest rates went up 5 years later. Shocking. How was she supposed to afford Botox treatments, the Mexico timeshare, Lexus AND that upside-down mortgage payment? Evil bank! It wasn't her fault she couldn't do math to understand how a mortgage worked.

And no, you shouldn't need to put half down. Just use sense. Know your limitations. Don't be a fool enough to take out an 8 year loan on a vehicle you will only keep for 3. See how much vehicles depreciate. They are not an investment. They are transportation. If you would rather drive more than you can afford than eat, it is your right.

Know that in 5 years it is not going to be worth much and accept that. It does not matter how many thousands a year you wasted paint correction and ceramic coating, it will trade for the same price as the car that baked in the sun on the coast hitting a carwash every other day.

Live within your means.

 

[Darksteel165]

 

[silver billet]

Got a TL;DW?

 

[Darksteel165]

Got a TL;DW?

Basically what I was trying to say. but apparently wasn't saying clearly enough or Eighty.

The system is going to be abused and is a massive security risk for the personal safety of people.

 

[silver billet]

Basically what I was trying to say. but apparently wasn't saying clearly enough or Eighty.

The system is going to be abused and is a massive security risk for the personal safety of people.

Agreed, one person compared it to minority report and with Ford doing this we're pretty much there. If it can drive itself to a repo shop it can also drive itself to the local sherrifs office and lock your doors while you're in it.

 

[theblet]

Not surprising. Next thing you know they vehicles will shut down, lock you in, and call the cops if it seems you were speeding too much.

 

[HemiDude]

A company that I used to work for repossessed a car that the customer had missed two payments on. This man was the only breadwinner for he and his wife, and it was their only car.

The man had had a heart attack and was in the hospital. The wife was using the car to go between home and the hospital, and the repo agent repossessed it from the parking lot at the hospital. This is the story that came to mind when I read that Ford article. I don't know much more about that couple's situation, or what/if she tried to arrange with the loan company, but I am sure leaving the hospital that day the last thing on her mind was that she wouldn't find her vehicle.

I'm not excusing the missed payments, but a self-repossessing vehicle program better have some sane-minded people steering the ship.

 

[Darksteel165]

A company that I used to work for repossessed a car that the customer had missed two payments on. This man was the only breadwinner for he and his wife, and it was their only car.

The man had had a heart attack and was in the hospital. The wife was using the car to go between home and the hospital, and the repo agent repossessed it from the parking lot at the hospital. This is the story that came to mind when I read that Ford article. I don't know much more about that couple's situation, or what/if she tried to arrange with the loan company, but I am sure leaving the hospital that day the last thing on her mind was that she wouldn't find her vehicle.

I'm not excusing the missed payments, but a self-repossessing vehicle program better have some sane-minded people steering the ship.

If you watch Ford's video and diagrams it would be the regular repo companies currently in business, Ford would have control over the self repo, for the repo company.

 

[HemiDude]

If you watch Ford's video and diagrams it would be the regular repo companies currently in business, Ford would have control over the self repo, for the repo company.

They would, when the vehicle is new. Who would have access to that technology/program when the vehicle gets sold used? It wouldn't just go away

 

[Darksteel165]

They would, when the vehicle is new. Who would have access to that technology/program when the vehicle gets sold used? It wouldn't just go away

??????
It's no different then our Ram Connected services.
The repo company contacts Ford, Ford does what the repo company (who claims to have ownership rights of the vehicle or acting on the owner [bank]) asks them to do.

GMC\Chevy have Onstar which is also the same thing.
I was able to track my sold truck for 3 months after someone bought it from Carmax and see where they lived at their house, where they worked and more.
Also had remote control via onstar also until the new owner went in and contacted Onstar.

 

[Scram1500]

Agreed, one person compared it to minority report and with Ford doing this we're pretty much there. If it can drive itself to a repo shop it can also drive itself to the local sherrifs office and lock your doors while you're in it.

I'll go way out there for a scenario: Someone could conceivably hack the vehicle and drive you into anything, or perhaps give the vehicle a virus causing the battery to burst into flames. Truth is more strange than fiction

 

[HemiDude]

??????
It's no different then our Ram Connected services.
The repo company contacts Ford, Ford does what the repo company (who claims to have ownership rights of the vehicle or acting on the owner [bank]) asks them to do.

GMC\Chevy have Onstar which is also the same thing.
I was able to track my sold truck for 3 months after someone bought it from Carmax and see where they lived at their house, where they worked and more.
Also had remote control via onstar also until the new owner went in and contacted Onstar.

So the answer to my question, then, is that any number of people could have access to that technology after the vehicle is traded in or sold as used.

 

[HemiDude]

I'll go way out there for a scenario: Someone could conceivably hack the vehicle and drive you into anything, or perhaps give the vehicle a virus causing the battery to burst into flames. Truth is more strange than fiction

That's it - I'm never letting my motorcycle license expire!