Vehicle repossessions have skyrocketed in recent months amid rising car prices and prolonged inflation, newly published reports suggest.
A growing number of Americans are falling behind on their car payments as the lowest-income residents struggle to meet their monthly debts and are being forced to buy more expensive cars following pandemic-era supply chain issues, NBC News reports.
Repossession companies are now struggling to meet the demand of lenders requesting their cars be taken back, and industry analysts fear the trend will continue into 2023 as unemployment rises and savings dwindle amid stubborn inflation.
The Federal Reserve last week also voted to once again increase the cost of borrowing, putting more pressure on those struggling to pay their loans.
‘It’s the perfect storm,’ said Jeremy Cross, a repo-man out of Pennsylvania.
Thank your Democrat Party & the Biden Regime 2020 COUP !!!!!
We can thank Biden and his puppet masters trying to put an end to all gas powered vehicles, coal, enough fuel for the whole world so they can push electric vehicles and purchase our gas & fuel from our enemies the Biden FRIENDS.
Glad mine are Paid the hell Off !!!!! & don’t want any more !!!!!
2023 will be a great year to purchase vehicles. Its 12/23/22 and there are few commericals about the new 2023 models. 3 months late based on the norm.