Mine are powered and there is a button to fold them where you're saying. When I get around to coding the car I'm going to do the auto fold thing as well.
Keep in mind that my car is pretty loaded so I'm not sure if it's a standard feature (or indeed how it changes between US and Canadian configurations).
PS: I'm assuming you're talking about the side view mirrors, not the rear view that's in the middle of the windshield :-)
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