Auto loan foreclosures

[PughDE]

I got this from Google AI.
Not sure what impact it will have on our economy.

Also auto loan foreclosures (repossessions) are significantly affecting the auto auctions by increasing the supply of used vehicles and contributing to a normalization and potential decrease in used car prices.

Auto loan foreclosures (repossession) have increased significantly in the last couple of years, reaching levels not seen since the 2008 financial crisis. In 2024, approximately 1.73 million vehicles were repossessed, a 16% increase from 2023 and a 43% increase compared to two years prior. This surge is attributed to factors like higher car prices, increased interest rates leading to larger monthly payments, and overall economic stress on consumers.
Rising numbers: The number of vehicles repossessed rose from about 1.5 million in 2023 to 1.73 million in 2024.
Pre-pandemic comparison: This is a 43% increase from 2022 and a 16% increase from 2023.
Drivers of the increase: Higher car prices, increased interest rates, and the resulting larger monthly payments have overwhelmed borrowers.
Impact on consumers: The trend of increased repossessions is pushing consumers into financial hardship, with many struggling to keep up with payments.

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[Fordphanatic]

I got this from Google AI.
Not sure what impact it will have on our economy.

Also auto loan foreclosures (repossessions) are significantly affecting the auto auctions by increasing the supply of used vehicles and contributing to a normalization and potential decrease in used car prices.

Auto loan foreclosures (repossession) have increased significantly in the last couple of years, reaching levels not seen since the 2008 financial crisis. In 2024, approximately 1.73 million vehicles were repossessed, a 16% increase from 2023 and a 43% increase compared to two years prior. This surge is attributed to factors like higher car prices, increased interest rates leading to larger monthly payments, and overall economic stress on consumers.
Rising numbers: The number of vehicles repossessed rose from about 1.5 million in 2023 to 1.73 million in 2024.
Pre-pandemic comparison: This is a 43% increase from 2022 and a 16% increase from 2023.
Drivers of the increase: Higher car prices, increased interest rates, and the resulting larger monthly payments have overwhelmed borrowers.
Impact on consumers: The trend of increased repossessions is pushing consumers into financial hardship, with many struggling to keep up with payments.

To many people with crazy high car loans out there. The bubble had to burst eventually. $1000 monthly payments is the new norm. WTF!!

 

[9CarHauler]

I got this from Google AI.
Not sure what impact it will have on our economy.

Also auto loan foreclosures (repossessions) are significantly affecting the auto auctions by increasing the supply of used vehicles and contributing to a normalization and potential decrease in used car prices.

Auto loan foreclosures (repossession) have increased significantly in the last couple of years, reaching levels not seen since the 2008 financial crisis. In 2024, approximately 1.73 million vehicles were repossessed, a 16% increase from 2023 and a 43% increase compared to two years prior. This surge is attributed to factors like higher car prices, increased interest rates leading to larger monthly payments, and overall economic stress on consumers.
Rising numbers: The number of vehicles repossessed rose from about 1.5 million in 2023 to 1.73 million in 2024.
Pre-pandemic comparison: This is a 43% increase from 2022 and a 16% increase from 2023.
Drivers of the increase: Higher car prices, increased interest rates, and the resulting larger monthly payments have overwhelmed borrowers.
Impact on consumers: The trend of increased repossessions is pushing consumers into financial hardship, with many struggling to keep up with payments.

I can confirm the numbers are very true! I transport cars from dealer to auction and vise versa, I also pick up cars to transport to auction from repo yards weekly and the repo yards are stuffed!! Its not just newer models in the yards, its a lot of vehicles that are 5-12 model years old getting repo'd also which tells me people are hard up for money and using they're cars as collateral on title loans for quick cash. dangerous circumstances. I mean I do profit from this industry and repos are a bigger part of it than it used to be 5 years ago. it humbles me that I'm able to have newer vehicles and be able to afford the payments that go along with them but makes me feel horrible for those that suffer because of the industry at the same time. I feel that this will only increase and get worse by a lot in the coming year or two.......

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