Car repossessions are expected to hit 3 million this year, their highest rate since the 2009 recession

[Zincwarrior]

There have been massive disparities in wealth in EVERY society since the beginnings of man.

Yes and there have been revolutions and high crime since the beginning of man as well.

Many of our ancestors came from places like that. Now we have become that.

 

[Concerned American]

All due to the extraordinary stupidity of most people.
In 2014, the average vehicle purchase price was $32k
In 2024 - it was $48k - a 51% increase in 10 years.
If prices stayed relative to inflation, that average purchase would be $39.4k
So prices have raised substantially higher than inflation, even when including the harrowing inflation of 2022-23.
The stupidity comes from people STILL buying new cars despite this.
We replaced our primary car in 2022. No way in HELL was I buying new. Hell no!! Even though we can afford it. I am not stupid. We bought a 2 year old car with only 28,000 miles. Not quite half the cost of a new one.
As long as there are enough morons willing to overpay for cars they don't need - they will keep selling them that way

LOL, bottom line you live in the economy and make decisions based on solid economic theory. I chuckle when I think that my first brand new car cost $1863.00 out the door--incl. tax and license. I paid on that car for three years. Minimum wage was $1.65/hr. I made much less than that on a military E-2 salary.

 

[Concerned American]

I am sure the wealthy Cubans, Czarist Russians, landowning Chinese, royal French etc agreed with you instead of attempting to improve the economy to address the issues.

And, tell us all, what has changed?

 

[Concerned American]

Many of our ancestors came from places like that. Now we have become that.

Correct. IOW government REDISTRIBUTION of wealth to those undeserving.

 

[Bitterhook]

I am sure the wealthy Cubans, Czarist Russians, landowning Chinese, royal French etc agreed with you instead of attempting to improve the economy to address the issues.

The people that tend to ***** about the wealthy and the ruling class, are generally the same people who want to suggest things could be better if they lead a lot of folks to their death in attempts to create another wealthy and ruling class. They always fail to understand that one will develop whenever you grant a strongarmed federal government power.

All in attempts to pretend there is some virtue in armed robbery for the sake of humanity in attempts to accomplish a 'fairness' that will never exist outside of what a government does not do for anyone. A person is not equal to themself for longer than a fraction of a second, and the variables are far too great to effectively manage.

What you are sure of is just a bunch of garbage simply rebranded and pretending to be a utopia that will never exist.

 

[Thinker101]

The average car price is over $50,000 thanks to tariffs.

Here’s a thought, get rid of the tariffs.

Really!!! The only car you can find is $50,000?

 

[iamwhatiseem]

LOL, bottom line you live in the economy and make decisions based on solid economic theory. I chuckle when I think that my first brand new car cost $1863.00 out the door--incl. tax and license. I paid on that car for three years. Minimum wage was $1.65/hr. I made much less than that on a military E-2 salary.

I have only bough one brand new car in my life, and that was only because of Obama's "cash for clunkers" bizarre policy. They gave me $4000 for an old junky work truck I used around the property. And that year the manufacturer was offering $2000 off of the purchase for first time buyers of that brand. Looking it up - the car price was about $17,000. So I got it for $11,000.
Ended up disliking the car and sold it 2 years later and actually made money.

 

[candycorn]

Have they blamed immigrants yet in this thread?

Of course… The same guys who are taking up all the space in the emergency rooms and all of the welfare away from the underprivileged Americans… Are buying all the nice cars at the same time.

Wise up. <sarcasm>

 

[Zincwarrior]

The people that tend to ***** about the wealthy and the ruling class, are generally the same people who want to suggest things could be better if they lead a lot of folks to their death in attempts to create another wealthy and ruling class. They always fail to understand that one will develop whenever you grant a strongarmed federal government power.

Or people familiar with economics and history, or just live across the border from a country with high income disparity riddled with crime and murder and at least two versions of a civil occurring RIGHT NOW, and is not really keen to have that here.

 

[yidnar]

That number is expected to almost double this year, which is not a sign of a booming economy. Furthermore, the average price of a new vehicle is now $50.000, which is out of reach for many people. Yes, people can buy used cars, but with used cars comes increased maintenance and repair costs. One thing I have always wondered about is why the consumer can't buy directly from the manufacturer? Why do we need to go through a dealership, a middleman, instead of buying directly from Ford? That would cut down immensely on the price of a new car and make them more affordable, yet I never hear any of the politicians talking about this.

An increasing number of Americans are falling behind on their car payments, mimicking a trend commonly seen at the start of major economic downturns.

Last year, 1.73 million vehicles were repossessed, which is the highest number since the year following the 2008 financial crisis, according to a report by the CFA seen by the Wall Street Journal.

"Delinquencies, defaults, and repossessions have shot up in recent years and look alarmingly similar to trends that were apparent before the Great Recession," said the report.

Delinquency, which refers to being late on loan repayments, can devastate investor confidence and lead to an economic crash.

MSN

people have been getting behind on car payments since Bideniflation slammed the US ..

 

[Dont Taz Me Bro]

I literally could not afford to re-buy my own home at current prices and income.

We bought ours when the interest rates were still low. Ours is 3.12%. If I were to buy this house now the mortgage would be hundreds more per month. It's crazy.

 

[Dont Taz Me Bro]

Of course… The same guys who are taking up all the space in the emergency rooms and all of the welfare away from the underprivileged Americans… Are buying all the nice cars at the same time.

Wise up. <sarcasm>

They actually think this way. The ignorance is incredible

 

[iamwhatiseem]

Really!!! The only car you can find is $50,000?

You will never get a coherent response from candy, only value to communicate with her is to laugh and make fun of.

 

[Bitterhook]

Or people familiar with economics and history, or just live across the border from a country with high income disparity riddled with crime and murder and at least two versions of a civil occurring RIGHT NOW, and is not really keen to have that here.

Yeah, and how exactly has that wonderful plan of yours worked out in historical context, and the millions upon millions of dead it always leads to, rather than simply continuing to pretend that Critical Theory and Class Warfare will ever provide you with anything less than death and destruction?

Go ahead and keep insisting dividing the people against each other will make us stronger, and your stupid ass won't simply be keeping us weaker and susceptible to outside forces and influence that will crush your stupid ideology and leave us all in the dirt.

Just shut up with your pathetic whining and take a harder look at your ignorant desires.
The only reason that ridiculous crap still survives, is because fools want to pretend it is not eternally flawed in conception, and the dead people are not capable of telling them how stupid they are.

 

[Concerned American]

Or people familiar with economics and history, or just live across the border from a country with high income disparity riddled with crime and murder and at least two versions of a civil occurring RIGHT NOW, and is not really keen to have that here.

And it was the crime and corruption that was allowed in that third world socialist country that led to the high income disparity. Keep on the track that you're advocating and you won't be right across the border from it anymore--it will be all yours. If people think everything they want should be given to them instead of taking pride in their accomplishments, that is the result.

 

[candycorn]

Really!!! The only car you can find is $50,000?

Really???? You don’t know the definition of the word “average”? I’m not surprised, you’d have to work very hard to be adequate.

 

[Concerned American]

Really???? You don’t know the definition of the word “average”? I’m not surprised, you’d have to work very hard to be adequate.

LOL, so you think everyone is average eh? LMAO, SMFH. If that is the case why do they make high end and low end? STFU.

 

[Nobody911]

Put simply: 3 million repossessions is large for the auto sector but small relative to the overall US economy and total household liabilities.

Evidence, briefly:

• Auto debt size: outstanding auto loan balances are about $1.6–1.7 trillion (Federal Reserve / New York Fed data, 2024–2025).
• Total household liabilities: mortgages + consumer credit + other liabilities exceed $17 trillion (Federal Reserve Financial Accounts / Fed data).
• Repossessions scale: ~3 million vehicles is a meaningful share of distressed auto loans but represents a fraction of auto loan balances (3M vehicles vs. ~100M active auto loan accounts).
• Financial transmission: because auto loans are much smaller than mortgages and household debt is large and diversified, 3M repossessions alone are unlikely to cause economy‑wide insolvency — losses are concentrated and largely absorbed through lender capital, securitization structures, and other buffers.

What that implies:

• Repossessions can raise recession risk by hurting consumption and tightening credit if they escalate further, concentrate across borrower cohorts, or trigger stress in lenders/ABS holders.
• At current projected levels (2025), they raise concern but are not by themselves sufficient to guarantee a recession.

Sources you can check: Federal Reserve / New York Fed household debt reports (auto loan totals), CURepossession or Recovery Database Network repossession projections, and reporting on auto loan securitizations and ABS exposures.

sources:

• https://moneywise.com/auto/car-repo...ession-is-it-a-sign-the-economy-is-in-trouble
• 3 Million Vehicles Repossessions Projected in 2025 Nearly Recession Numbers

 

[candycorn]

LOL, so you think everyone is average eh? LMAO, SMFH.

Not you obviously....substandard comes to mind.

If that is the case why do they make high end and low end? STFU.

Well, you’re low end so tell me...

Anyway, thanks to Trump’s tariffs, the average price of a new car is $50,000+ now.

I’m sure you’ll have some milkbone inspired yapping about that and try to blame everyone except your blob....get to it Fido.

 

[Concerned American]

My first new car was low end and $1863. Minimum wage $1.65. Today a low end Nissan Versa is ~$20K new and minimum wage is ~$16 average. Looks to me like that is about a 10% increase over time. That's just one indicator. Choices have to be made when deciding housing, food, and impulse items. What's important to you.