{"id":153086,"date":"2025-06-02T21:24:10","date_gmt":"2025-06-02T21:24:10","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/153086\/"},"modified":"2025-06-02T21:24:10","modified_gmt":"2025-06-02T21:24:10","slug":"car-repos-are-soaring-to-2009-levels","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/153086\/","title":{"rendered":"Car Repos Are Soaring To 2009 Levels"},"content":{"rendered":"

Read the full story on The Auto Wire<\/a><\/b><\/p>\n

\"Car<\/p>\n

Car Repos Are Soaring To 2009 Levels<\/p>\n

A growing problem is emerging in the US as car repos<\/a> have hit their highest level since 2009, back when the country was in a recession. That\u2019s sparking fears<\/a> not only of a wider economic struggle but also of how this might impact the auto industry directly.<\/p>\n

Woman learns the hard way riding a motorcycle with her dog is illegal.<\/a><\/strong><\/p>\n

After all, something has to happen with all those repossessed<\/a> cars. Usually, lenders take a loss, the vehicles enter the wholesale market where they\u2019re auctioned to dealers, then they arrive on lots for the next consumer.<\/p>\n

During 2024, a total 1.73 million cars were repossessed, according to Cox Automotive<\/a> data. That marked a 16 percent increase versus the total in 2023 and a 43 percent increase compared to 2022. Those are big increases and should be cause for concern.<\/p>\n

Just as concerning, there\u2019s been a 6.56 percent increase in subprime borrowers who are at least 60 days late on their vehicle loan<\/a>. They\u2019re running the risk of a vehicle repo in the near future.<\/p>\n

While we can\u2019t weigh in on the larger economic<\/a> picture, this definitely means vehicle ownership has become unmanageable for many. The reasons for that are likely many.<\/p>\n

With inflation increasing the price of just about everything, many Americans are getting squeezed financially. That has unfortunately resulted in them getting behind on car payments and other bills. Sometimes, the solution might be to trim back expenses.<\/p>\n

Back during the pandemic, many people purchased vehicles which were beyond their normal means. They were receiving extra money from the government and some thought the party would never end. Plus, with the fear they might die at any time, some individuals decided to live it up.<\/p>\n

Now they\u2019re paying the piper, dealing with the consequences of their choices.<\/p>\n

Another driving force could be employment struggles. Layoffs are becoming all too common, creating income disruptions for people who are already squeezed. And many who are laid off subsequently are taking big cuts in pay, putting them under even more financial stress.<\/p>\n

Everyone can point fingers in different directions: consumers, lenders, dealerships, and automakers. The sad truth is the car repossession situation is likely going to get worse in 2025.<\/p>\n

Source: Bloomberg<\/a><\/p>\n

Image via Angelos Towing\/Facebook Marketplace<\/p>\n

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