In a move that could revolutionize the auto industry, Ford has applied for a patent for a self-repossession vehicle technology. This technology would allow vehicles to be remotely repossessed without the need for a tow truck or other human intervention.
The patent application, filed with the U.S. Patent and Trademark Office, describes a system that would allow a lender to remotely disable a vehicle’s engine and other features if the borrower fails to make payments. The system would also allow the lender to track the vehicle’s location and remotely repossess it if necessary.
The technology could be a game-changer for lenders, who would no longer need to hire tow truck drivers or other personnel to repossess vehicles. It could also help borrowers, who would be able to avoid the embarrassment of having their vehicle towed away in public.
The technology could also help reduce costs for lenders, who would no longer need to pay for the storage and maintenance of repossessed vehicles. And it could help reduce the number of vehicles that are abandoned or illegally parked on public streets.
Ford’s patent application is still pending, and it remains to be seen whether the technology will be approved. But if it is, it could have a major impact on the auto industry and how lenders and borrowers interact.
It’s an exciting development, and one that could have far-reaching implications for the auto industry. Stay tuned to see how this technology develops in the coming months and years.
Source: Plato Data Intelligence: PlatoAiStream