Ford seeks patent for self-repossessing auto
Timely application as delinquencies rise with interest rates
www.theregister.com
Ford seeks patent for cars that ditch you if payments missed
- Thread starter guerney
- Start date
www.theregister.com
The dominance theory of corporate power at work (or social dominance theory if one were to be wokeFord seeks patent for self-repossessing auto
Timely application as delinquencies rise with interest rates
)
Car companies like all others with control over capital have far too much power in the post pandemic world. Was listening to piece about house prices on PM (radio 4) yesterday. Crux was that there won't be a crash because homeowners are much more shielded from high interest rates than in previous rising cycles after ten years of near zero rates (having paid off mortgages). That were in for a period of very small transaction volumes as they (we) refuse to sell, those who rent, the poor are progressively priced out, bled to death. Microcosm for much else that will happen I thought.
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The housing ownership market is in a mess though, many cashing in some of their property value while still in residence. Having used property for investment previously, I always intended this when old enough with the property I live in. So in late 2007 when it was obvious to me that a property crash was about to happen (sub prime), I went ahead and received over half the value before the sharp fall due to the early 2008 crash.
Trouble for all the companies granting such deals has been both that drop in value and the low inflation that we've had for many years. Where as often they've operated on costly borrowed money, the return is looking grim compared to the days of sharply escalating house prices in many earlier decades.
Of course cashing in one's property like this is a gamble on one's longevity. In my case cashing in at 71, I was expected to peg out by 80 latest, keeping the interest the mortgager paid well below their initial capital gain. But unfortunately for them, I'm still going strong at 87 and am entitled in law to stay put until 2066 when I'll be 130 !
So one case at least where the individual wins over the big company.
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