High Car Repossession Rates: A Concerning Situation
While we previously talked about flooded vehicles entering the used car market, repossessed cars are also making a big splash as more Americans struggle to repay their car loans. When the pandemic happened two years ago, car prices surged as manufacturers had to deal with the chip shortage and other issues. Meanwhile, people who were buying cars, new or used, had to tangle with a rise in financing costs: higher car prices meant higher loan amounts. Now, car repossessions are seeing an unexpected rise: the … Read more