More Americans are falling behind on their car payments at the highest rate since the Great Recession over a decade ago.
A combination of the Federal Reserve’s interest rate hikes and high inflation has taken a toll on car owners nationwide.
A rise in auto repossessions has been sweeping the country, a bad sign for the U.S. economy, as it faces signs of a looming recession.
During the pandemic, many car buyers took out larger loans to buy vehicles due to a surge in a surge in used car prices, as new car production suffered due to supply chain issues, Bloomberg reported last March. …