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…
Americans Fall Behind on Car Payments at Highest Rate Since 2009
January 28, 2023
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Elon Musk: Auto Loans Could Be Source of ‘Biggest Financial Crisis Ever’
The automotive market may be under stress as several experts call for a massive wave of repossessions in early 2023, with prominent figures like Tesla founder Elon Musk and Ark Invest’s Cathie Wood sounding the alarm about the potential impact on financial markets. “Potentially the biggest financial crisis ever,” Musk posted on Twitter Friday in response to…
Cheaper Loans to Roll in for Electric Cars
Hundreds of Australian motorists will be able to access cheaper loans for electric vehicles as part of a $20.5 million investment by the Clean Energy Finance Corporation. The cash injection announced on Nov. 28, will be used to fund more than $100 million of loans on battery electric and plug-in hybrid vehicles through Taurus Motor…
Auto Loan Delinquencies Rise to Highest Level in a Decade as Borrowing Costs Rise
November 9, 2022
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The number of Americans failing to pay their auto loans has risen to the highest level in a decade as borrowing costs rise. Credit agency TransUnion tracks more than 81 million auto loans throughout the United States. It announced that 1.65 percent of auto loans, or 200,000 customers, were at least 60 days behind their…
Could Auto Loans Be the Source of the Next Crash?
News Analysis During the COVID flash recession, annual vehicle sales bottomed at 8.9 million in April 2020—only to rebound to 18.7 million by April 2021, the fastest yearly change on record. Prices rose as well, eating into the discretionary income of the average consumer. As of mid October, “The number of median weeks of income…
US Auto Market Facing Lowest Sales in a Decade
October 8, 2022
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The auto sector, which had been struggling with depleted inventories during the pandemic, is now dealing with a sales crisis. Car sales have been softening this year because of inflation, weak consumer confidence, and growing concerns about the economy. Despite the fact that cars have become more widely available with supply chain bottlenecks easing, a…
American Drivers Go Deeper into Debt as Inflation Pushes Car Loans to Record Highs
As vehicle prices rise amid inflationary pressure, Americans buying new cars are taking on higher loans and pushing themselves deeper into debt, according to credit-monitoring company Experian. Both the average loan amount and monthly payments for new and used cars have risen over the recent quarters, the firm said in an Aug. 25 news release….
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