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Future Fords could repossess themselves and drive away if you miss payments

thedrive.com

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Re: Future Fords could repossess themselves and drive away if you miss payments

#221

Post by kube-system »

lotsofpulp wrote: post #213
lostapathy wrote: post #206

Earlier quoted context omitted.

> The title stays with the lender until all the payments are made per the loan agreement. This varies a lot by state. A lot (most?) states the title absolutely goes to the purchaser but it has a lien attached that gives the lender rights of repossession.

Interesting, I thought it was only sent to you after the final loan payment.

It's a pain in the ass, because you just hold a title that you can't do anything with. You have to physically get the lien signed off the physical title before you can sell it. That's why many states have switched to either electronic titling, or having the bank hold the title until they sign it off.

Re: Future Fords could repossess themselves and drive away if you miss payments

#223

Post by jwilber »

rootusrootus wrote: post #28
jhoelzel wrote: post #25

Earlier quoted context omitted.

Take my angry upvote. "My truck done left me and my cellphone said I'm broke"

FWIW, this was the number one comment yesterday on the Reddit thread about this.

Yeah these comments are awful. Someone even wrote, “take my upvote.” Not a good look for HN discus quality.

Back on topic:

I find this hard to believe, what happens if it repossess itself by mistake? Gets in an accident on the way home during said repo? Especially since nowadays most Fords are just oversized trucks.

And why is this even a desired feature? Is the average Ford customer that untrustworthy? I’m curious what the expected amount of use for a feature like this is.

In any case, autonomous driving isn’t far along enough yet for this to be practical and out in the streets, so I wonder how it even got approval.

Re: Future Fords could repossess themselves and drive away if you miss payments

#226

Post by mnd999 »

bearmode wrote: post #38

What if it's behind a locked gate?

It’ll still do all the annoying things like disable the air con or make an annoying noise.

The full self repossession thing is just another use case for full self drive, which is complete fantasy land on the part of automakers.

Re: Future Fords could repossess themselves and drive away if you miss payments

#227

Post by kube-system »

necovek wrote: post #199
motohagiography wrote: post #41

I work in security and anti-fraud is the use case of last resort for terrible ideas. When you finance a car, the vehicle becomes collateral for a loan, but it belongs to you. A technology like this means that the vehicle still belongs to Ford, which means if something goes wrong with it, or if you get sciatica from their shitty seats, you can class action sue them into oblivion. The reason we have laws is so that peo…

One of the bad "inventions" of software distribution: you don't own a copy, you are only licensed to use it. No surprise the dark tactic is spreading.

That is more akin to a lease.

Re: Future Fords could repossess themselves and drive away if you miss payments

#228

Post by [deleted] »

bko wrote: post #217
BoorishBears wrote: post #196

Earlier quoted context omitted.

This is a pretty naive take if you're trying to paint it as enabling an even better outcome for "riskier buyers" This article is something like 5-10 years behind reality: Right now subprime auto loans are mostly enforced with GPS trackers that buyers are usually not made properly aware of, or even worse, tricked into paying for as an add-on pitched as being for their own benefit. https://www.nytimes.com/2017/02/19/bu…

People who give out car loans want you to pay back the loan. They don't want to repossess the vehicle. There is a real cost associated with it and you can't just take the car and make a profit. You'd be able to recoup what was owed and some costs may not be coupable. Again, they're not in the business to lend out money to people they know that can't afford it. There may be fraud at the individual level but the system…

[deleted]

Re: Future Fords could repossess themselves and drive away if you miss payments

#229

Post by nonethewiser »

People don't seem to fully grasp what not driving your car means. If you're not driving, you're not in control of where it goes. That sounds redundant yet people dont seem cognizant of the 2nd phrasing. You dont control the car, you make requests of it. It can say no.

Looking very far into the future, it's not hard to imagine that all cars are self driving by default with some highly-regulated exception, for purposes of safety, anti-terrorism, lobbying, etc. If that's the case central management seems like the next logical step. Citing reasons such as traffic flow, anti-terrorism, environmental management, disaster relief, anti-terrorism, etc.

Re: Future Fords could repossess themselves and drive away if you miss payments

#230

Post by goostavos »

rootusrootus wrote: post #28
jhoelzel wrote: post #25

Earlier quoted context omitted.

Take my angry upvote. "My truck done left me and my cellphone said I'm broke"

FWIW, this was the number one comment yesterday on the Reddit thread about this.

These comments take me all the way back to Digg days.

Please make it stop...

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