Experts say more Americans are skipping out on car payments, with many facing repossession. These tips can help you from falling behind.
The nightmare of losing their car is becoming a harsh reality for many U.S. families. After tumbling during the pandemic, the rate of Americans who are at least 60 days overdue on their auto loans has risen nearly 18% from 2022. The same right for subprime borrowers is up nearly 40% in the last two years.
Repo agencies says they've seen nearly triple the number of bank notes presented to them for repossession. With inflation driving up the price of fuel, food and other essentials, many people can't keep up with their car payment. The average monthly payment for a new car loan is over $700, driven by rising interest rates and inflation.
