Golden Age... for repos? Car repossessions went up 43% over two years as high prices squeeze Americans

[ck4829]

Car repossessions went up 43% over two years as high prices squeeze Americans. Here's what to do if you're at risk

As vehicle prices have risen, amid elevated interest rates and high living costs, so too have repossessions in recent years.

Cox Automotive estimates yearly auto repossessions went up about 43% between 2022 and 2024, up to 1.73 million units, the highest since 2009 (1).

Something that catches many people off-guard is how quickly a repossession can occur — and how costly it can be even after the vehicle is taken.

Auto loans have become significantly more expensive over the past few years, with delinquency rates climbing steadily.

https://www.msn.com/en-us/money/personalfinance/car-repossessions-went-up-43-over-two-years-as-high-prices-squeeze-americans-here-s-what-to-do-if-you-re-at-risk/ar-AA1VRYHE

[Midnight Writer]

1. I am noticing a lot of home foreclosures in my area lately, as well.

[ck4829]

2. I don't doubt it. And here's a recent thread about Indiana getting the #1 spot in foreclosures

https://democraticunderground.com/125211186

[70sEraVet]

3. People make a decision on a car loan based on their current finances

They have no way of foreseeing that home-owners insurance will balloon, health insurance premiums will rise, or that some lunatic in the White House will wind up getting the Strait of Hormuz closed!
So, yeah.