Connected Car
Behind on your car payments? Ford Motor Company has applied for a patent that would enable a computer to disable a vehicle or component of a vehicle over delinquent car payments and could lead to cars self-driving themselves to repossession lots. “Disabling such components may cause an additional level of discomfort to a driver and occupants of the vehicle,” stated the patent application. In May 2021, the number of subprime borrowers, individuals with lower-than-average credit scores, at least 60 days behind their car payments hit a seven-year low of 2.58% but had increased to 5.67% as of December 2022. Between July 2020 and July 2022, new car prices increased about 20% and used car prices soared by about 40% during the same period.