US EditionA Significant Group of Americans Are Falling Behind on Their Car Payments - an Economic Warning Sign
Auto loan delinquencies have risen over 50% in 15 years, with prime borrowers increasingly affected due to high borrowing costs and rising car prices, experts say.
- CURepossession.com data show more Americans are falling behind on car loans as delinquencies rise, with more than 3 million vehicle repossessions expected this year in the United States.
- Experts interviewed by WRAL 5 On Your Side say high borrowing costs, rising vehicle prices and unstable employment are fueling missed payments.
- A VantageScore study found auto loan delinquencies have risen more than 50% over 15 years, while Fitch Ratings shows subprime borrowers 60+ days late doubled since 2021 to 6.43%.
- As repo activity rises, the North Carolina Department of Justice notes creditors can repossess vehicles without advance notice and repossession firms use GPS and ignition-disable tech as many borrowers owe more than car value.
- The Consumer Federation of America found Americans owe a record $1.66 trillion in auto debt, and economists warn rising delinquencies mirror pre-Great Recession patterns, signaling potential recession risks.
23 Articles
23 Articles
A significant group of Americans are falling behind on their car payments - an economic warning sign
A key group of American borrowers is falling significantly behind on their car loans. It’s yet another sign that the US economy is forming some serious cracks, leaving the most vulnerable in financial distress.
Growing number of Americans are falling behind on car payments
A key group of American borrowers is falling significantly behind on their car loans. It's yet another sign that the U.S. economy is forming some serious cracks, leaving the most vulnerable in financial distress.
‘Unaffordable burden’: More Americans are missing their car payments
Data shows more Americans are struggling to afford their cars. Economists are concerned it could be another indicator of a potentially incoming recession. A study from VantageScore showed car payment delinquencies have increased by 50% in the last 15 years. Car loan issues That shows car loans have gone from one of the most secure consumer credit products to one of the riskiest. “If you look historically, it's not really in a critical territory …
Car loan crisis: More Americans falling behind on loan payments
As the car loan crisis deepens, a growing number of Americans are struggling to keep up with their auto loan payments. Delinquencies are hitting new highs, raising concerns about the broader economic impact.
Alexa, Who Was President? NYT Omits Biden in Story on Growing Car Payment Delinquencies
The New York Times came out with a story on rising car payment delinquencies that at first glance would make readers think it was President Donald Trump’s fault. But — as always — the devil’s in the details: This issue was a lingering carry-over from the Biden administration.
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