Connected Car
This week, it was revealed that Ford applied for a patent on a system that would use connected car technology to better aid in vehicle repossession. Whether car owners can even reinstate their loans by getting the balance current depends on what’s in their loan agreement, and their right to do so varies from state to state. The repossession patent is especially galling when you consider the state of the car market in recent years. The result has been longer loan terms, a rise in negative equity “rolled over” from past car loans, and more total car debt than ever. Finally, car companies may have taken the worst lessons from the car shortages of the pandemic.