251–260 of 568 posts
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.
So, it will do what every Ford I've owned since the 80s will do...
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> When you finance a car, the vehicle becomes collateral for a loan, but it belongs to you. The title stays with the lender until all the payments are made per the loan agreement. I would not say the vehicle legally belongs to a borrower until they have possession of the title. > The reason we have laws is so that people have recourse to principle, whereas when you implement something like this in hardware (a car), i…
> 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.
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Isn't a large problem with FSD to do it at speed? If you never go above 5mph, a lot of things suddenly get much simpler because the amount of time you need to stop the car is very close to zero, and you probably don't care how long it takes for your possessed car to make it back to your show room.
I feel like a car driving at 5mph on public roads will absolutely be a problem.
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Interesting, I thought it was only sent to you after the final loan payment.
They send you a lien release, but the title is goes to you from the beginning. The title has a note that there is a lien on it, so if you buy a car with such a title you need to ensure you get the lien release with it. You cannot transfer a title with a lien notice on it without the lien release (I assume there is a way to assume the loan as well, but I've never heard of it happening. Most loans wouldn't allow that,…
AUTO: "Ok."
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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…
Vehicles that get absolutely trashed are a loss, but that's why the lenders want every repo to be a surprise to the creditor.
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…
>When you finance a car, the vehicle becomes collateral for a loan, but it belongs to you. This is not true - In my state you don't get mailed the title to the car until after the loan is paid.
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"The automotive press uncritically reports that American consumers are crazy about huge vehicles but what I've observed is that dealers are crazy about selling huge vehicles." Very true. Same for houses. A lot of people probably would prefer a small house over not being able to afford a big house and renting eternally. But big houses are more profitable, so that's what's being built. That's why in a lot of markets su…
In both scenarios there are laws encouraging these outcomes. Minimum lot sizes and CAFE standards, respectively, lead to bigger cars and houses. There are also small utility trucks and electric vehicles in other countries, but they’re unfortunately illegal in the land of the free, ostensibly for crash test performance opposite the giant trucks that are considered safe. Indeed, distorted markets are worse.
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The poster was talking about "human error". If you are out of a car because your lender messed up (perhaps intentionally to pocket the late fee) you are in trouble, because everyone needs a vehicle to get to work on time. And of course you have as much recourse against your lender as the people at the receiving end of the Hertz case. Didn't Peter Thiel say you need a seven-figure sum to make the legal system work for…
I don't disagree with the end point, but I have a hard time understanding why the Hertz case demonstrates that Ford is likely to lie with criminal intent about a mistaken repo. It has literally nothing in common except that it involves a car. If Ford wants to lie about repos or lie about human error, they can do that now, they don't need a computer to do it. The whole damn process is subject to human error as it is t…
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…
> When you finance a car, the vehicle becomes collateral for a loan, but it belongs to you. The title stays with the lender until all the payments are made per the loan agreement. I would not say the vehicle legally belongs to a borrower until they have possession of the title. > The reason we have laws is so that people have recourse to principle, whereas when you implement something like this in hardware (a car), i…
Costs to borrowers could be reduced, which sounds like a nice silver lining to what most people would consider an anti-feature, but there's nothing that says the savings will necessarily be passed on to borrowers versus retained by the lenders instead.