Ford applies for patent that allows cars to self-repossess
The technology may also encourage payment by having the car disable features such as seat controls, GPS or radio dials
In an age where cars have started driving themselves, why not let them turn themselves in for non-payment too?
Ford Motor has reportedly applied for a patent on a system designed to try and get people to clear up late car payments, according to the Detroit Free Press.
It could lead to cars driving themselves to repo lots.
Ford Global Technologies filed a patent application with the U.S. Trademark and Patent Office in August 2021, which was released recently for public review.
MORE AUTO PAYMENTS ARE LATE, EXPOSING CRACKS IN CONSUMER CREDIT
Company logo shines off the grille of an F-150 Lightning pickup truck. (AP Photo/David Zalubowski / AP Newsroom)
A Ford spokesman confirmed the filing to the paper.
The inventors of the technology are Ford engineers.
The applications presented a series of options that could include the car driving away from private property to be picked up by a tow truck, or taking it to a junkyard if the value is too low.
FORD SALES UP 2% IN JANUARY ON STRONG TRUCK PERFORMANCE
Interior of Ford vehicle. (Argo AI / Fox News)
CAR PRICES DIP AFTER AVERAGE MONTHLY PAYMENT HITS RECORD $777
Other strategies that could be used to encourage payment would be sending reminder messages and warnings from lending institutions to smartphones.
After a prolonged period of nonpayment the car may disable features such as window or seat controls, GPS or radio dials.
FOX Business has reached out to Ford for comment.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 13.05 | +0.10 | +0.77% |
A rising number of Americans are falling behind on their car payments.
Some 9.3% of auto loans extended to people with low credit scores were 30 or more days behind on payments at the end of last year, the highest share since 2010, according to an analysis by Moody’s Analytics.