Disturbing sign of economic trouble: Recession fears surge as Americans default on car loans at record rates, echoing 2008 financial crisis warnings

Americans are missing car payments at a record rate, with 6.6% of subprime borrowers behind on loans, comparable to the 2008 financial crisis. Rising living costs and potential tariffs on new cars are exacerbating the situation. Car prices, borrowing rates, insurance premiums, and maintenance costs have all surged, making it difficult for borrowers to keep up.