News. July 14, 2022. Car Repossessions From loans Made in 2020 and 2021 are Increasing

In another sign that the economy is about to go for a downturn, the data of car repossessions is interesting. Normally, prime car loans that end up in a repossession are about 2%, now they are at about 4%. the loans that are being repossessed are most significantly made in 2020 and 2021

For some time, specially during the pandemic, there has been a car auto loan bubble. People used stimulus money to buy cars. The supply chain problems made the demand for used cars increase significantly due to the lack of availability of new cars.

For further information, read this article

This post is intended to only raise awareness. In order to make actual financial decisions please contact your financial advisor and/or tax advisor prior to making the decision.