Why Car Repossessions Are Surging This Year

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Why Car Repossessions Are Surging This Year

Рет қаралды 7,164

Күн бұрын

Car repossessions rocketed higher in the first half of the year, a sign of rising consumer distress as the Fed weighs rate cuts. So far in 2024, repos are up 23% compared with the same period last year, according to data from Cox Automotive. Claire Ballentine has more.
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Пікірлер: 38

@michaelmcnulty8785 Ай бұрын

Almost like taking out $800 a month payments for 7 years was a terrible idea.

@kingstonstreet3726 Ай бұрын

I’m car 🚘 s paid off and it’s 12 years old. I can afford a new car and insurance but I refuse.

@bbustin1747 Ай бұрын

Come on , plenty of repos to pick from 😂

@Mike-ye6xi Ай бұрын

@@kingstonstreet3726 5k cash car may be more wise in this economy

@jackfenton2271 Ай бұрын

Driving a 20 year old van, with only 66K miles on it. Cheap insurance, cheap repairs. I'll own it for at least 15 years.

@okboomer6201 Ай бұрын

😒 Because people cannot afford to pay their bills. They took advantage of the EZ money to buy cars, now they are paying the price. End of story.

@Dieselpwr Ай бұрын

Don’t buy things you can’t afford

@Callingnone Ай бұрын

Ofcorse people will blame the government, Biden, trump with their usual “ I am an ordinary citizen. What do I know”.

@udarpavarota396 Ай бұрын

Honey, pack your things! We're moving back to Georgia to live with your parents. Recession is here.

@wakamakulet Ай бұрын

😂😂😂😂😂

@channelsold3236 Ай бұрын

what parents!?? Lmaoooooo 😂😂😂😂😂

@targetegrat Ай бұрын

The recession has been here for a while. Just because the news doesn't officially announce it does not mean it started.

@alexgamble4718 Ай бұрын

114% of 2019 levels is basically just reflective of a larger economy with more people since then, especially when you consider there would be some repo that are "catch ups".

@softtaco3991 Ай бұрын

But analysts predict an Apple iPhone upgrade cycle ...

@cnsmiles Ай бұрын

trying to keep up with the Jones never works out well. Cars should be bought outright. The concept of taking a car loan makes no sense. Its just a car. Not a house. Buy what you can afford.The problem is people have too much pride buying a 10 year old car that cost less than $5k.

@targetegrat Ай бұрын

A house should be bought outright too. If you need a mortgage, just keep renting. By the time you payback the loan, its about 3 times what you borrow over the life of the mortgage. That doesn't even include the cost of maintenance (plumbing issues, roof repair, electrical repair, etc) over the life of the mortgage. How can I forget that wonderful property tax that just keeps going up at a faster rate than the house value. People fail to compare the house value with the rate of inflation to get a true sense of the equity that is built up. The system is good at manipulating people into rushing into home ownership when a mortgage is labeled as 'good debt'. Debt is debt.

@joesmith3590 Ай бұрын

And the home has gone up 3x in 30 years also. So instead of wasting rent you saved.

@bdubb5390 Ай бұрын

Umm....ppl are broke duhh

@damham5689 Ай бұрын

Because they have been conditioned by years of advertising and corporate propaganda to spend way beyond their means to impress people you don't even know.

@damham5689 Ай бұрын

Payments are ridiculous, but then add on always rising insurance and it can be more than a house payment.

@reginafefifofina Ай бұрын

1:21 maintenance and fixing all the stuff that wears out in/on a used car

@cuzmariosaidso Ай бұрын

Happy Recession 2024 🎉

@demetrisrobinson4026 Ай бұрын

I see people are not letting the car note go unpaid do to I heard that they may have to leave in it. Yes it bad out for some people .

@wakamakulet Ай бұрын

FJB

@Dieselpwr Ай бұрын

The car is the first thing they give up on

@KungPowEnterFist Ай бұрын

Ok, so basically back to pre-pandemic really low levels of repos plus a little catch up for the last three years of extraordinarily low amount of repos. This is not a crisis by any stretch of the imagination.