Car repossessions rise 23% year over year

(ARMSTRONG ECONOMICS) – The private debt crisis is becoming apparent in America after car repossessions jumped 23% during the first half of 2024. Data shows that 1.6 million Americans will have their car repossessed by the bank before the end of the year, a slight increase from the 1.5 million autos repossessed in 2023 and a drastic upturn from the 1.1 million in 2021.

Obviously, the cost of purchasing a car have drastically risen with inflation, interest hikes, and supply chain shortages.