Innovative Technology Hits The Market, Enabling Tracking And Blocking Of Debtors' Vehicles

Innovative Technology Hits The Market, Enabling Tracking And Blocking Of Debtors’ Vehicles

Written by Valdemar Medeiros

Published on 31/07/2023 at 11:19

Foto: Getty images

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United States Develops Technology Capable of Locking Debtors’ Vehicles. This System to Block Vehicles Already Exists in Brazil, But Operates Differently.

A new technology is being developed that allows for the locking of vehicles in case of late payment of financing or other debts in the United States. The device can lock debtors’ vehicles even while in motion and also enables the location of the vehicle for possible retrieval by the financial institution.

New Technology to Lock Vehicles Already Exists in Brazil

The system used to lock debtors’ vehicles already exists in Brazil; however, it is used somewhat differently. In the country, the technology is primarily utilized by rental companies and car subscription services.

Companies allow the use of the vehicle during the contracted period, preventing use after that time if the service is not renewed. According to Ituran Mob’s CEO, Paulo Henrique Andrade, currently, 1,600 cars are already using the lock in Brazil, and the expectation is that this number will reach at least 3,000 units by the end of this year.

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Other Uses of Technology to Lock Debtors’ Vehicles

According to Andrade’s explanations, the possibilities of this technology can go even further. The executive states that it is possible, for example, to generate a report on how the driver operates the vehicle, as well as provide information on the average fuel consumption, how often the car is refueled, and the best time to perform maintenance on the model.

It is also possible to identify if there is any type of malfunction. Another possibility is to make it feasible for someone with a negative credit record to rent or even finance a vehicle when they have difficulty accessing credit.

In the U.S., the system to lock vehicles is seen as a form of assurance for recovering them in the event of default.

In the future, vehicle manufacturers like Ford are developing and researching ways to enable a debtor’s vehicle to drive itself to a dealership without the need for retrieval. However, it is necessary to develop laws that regulate such cases in each country.

Learn More About Ford’s Initiative

In March of this year, Ford filed a patent application for a new system that may allow the company to regain possession of an internet-connected car in case of default on financing payments by the vehicle owner. Ford applied for a patent for a system to control and reclaim vehicles from defaulters.

The patent application was filed in 2021; however, it has only come to light now. This system aims to create discomfort for owners who do not pay their vehicle installments on time.

The system begins with the interruption of GPS usage, annoying sounds, and air conditioning. If the bills remain unpaid, extreme measures by the manufacturer include the vehicle driving itself to tow.

Innovative Technology Hits The Market, Enabling Tracking And Blocking Of Debtors’ Vehicles

United States Develops Technology Capable of Locking Debtors’ Vehicles. This System to Block Vehicles Already Exists in Brazil, But Operates Differently.

New Technology to Lock Vehicles Already Exists in Brazil

Other Uses of Technology to Lock Debtors’ Vehicles

Learn More About Ford’s Initiative

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Innovative Technology Hits The Market, Enabling Tracking And Blocking Of Debtors’ Vehicles

United States Develops Technology Capable of Locking Debtors’ Vehicles. This System to Block Vehicles Already Exists in Brazil, But Operates Differently.

New Technology to Lock Vehicles Already Exists in Brazil

Other Uses of Technology to Lock Debtors’ Vehicles

Learn More About Ford’s Initiative

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