{"id":1779773,"date":"2022-12-19T06:07:07","date_gmt":"2022-12-19T11:07:07","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1779773"},"modified":"2022-12-19T07:33:29","modified_gmt":"2022-12-19T12:33:29","slug":"rising-car-repossessions-send-warning-sign-for-economy","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/rising-car-repossessions-send-warning-sign-for-economy\/","title":{"rendered":"Rising Car Repossessions Send Warning Sign for Economy"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Frising-car-repossessions-send-warning-sign-for-economy%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1779773&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\">\n<div class=\"caption\">\n<p>Check out what&#8217;s clicking on FoxBusiness.com<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/www.foxbusiness.com\/category\/cars\" target=\"_blank\" rel=\"noopener\">Car repossessions<\/a> are on the rise, and financial analysts fear the trend will continue, according to a report.<\/p>\n<p>The <a href=\"https:\/\/www.foxbusiness.com\/category\/auto\" target=\"_blank\" rel=\"noopener\">auto loan industry <\/a>looks much different than it did at the start of the pandemic, when Americans got a boost from stimulus checks and lenders were more willing to accommodate those behind on their payments, NBC News reports.\u00a0<\/p>\n<p>The number of people behind on their car payments has been approaching prepandemic levels in recent months. For the lowest-income consumers, the rate of loan defaults now exceeds 2019, according to data from ratings agency Fitch.<\/p>\n<p>The trend is expected to continue into 2023, due to <a href=\"https:\/\/www.foxbusiness.com\/economy\" target=\"_blank\" rel=\"noopener\">economists anticipating<\/a> unemployment to rise, inflation to remain high and household savings set to diminish.<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/lifestyle\/cadillac-celestiq-sold-out-until-2025\" target=\"_blank\" rel=\"noopener\"><strong>THE $300,000 CADILLAC CELESTIQ IS ESSENTIALLY SOLD OUT UNTIL 2025<\/strong><\/a><\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2022\/12\/931\/523\/repo-new-york.jpg?ve=1&#038;tl=1\" alt=\"A car is attached to a two truck during nightime\"   style=\"display:none\"><\/div>\n<div class=\"caption\">\n<p><span>Recovery agent or &#8216;repo man&#8217; Todd O&#8217;Connor raises a car for towing while repossessing vehicles in the early hours of October 12, 2012 in Oneida, New York. O&#8217;Connor, who works for Advanced Recovery of New York, works with fellow agents day and night l<\/span><span> (John Moore\/Getty Images \/ Getty Images)<\/span><\/p>\n<\/div>\n<\/div>\n<p>The average monthly payment for a new car is up 26% since 2019 to $718 a month, the report states. Nearly one in six new car buyers is spending more than $1,000 a month on vehicles, and costs associated with owning a car, including insurance, gas and repairs, have shot up.\u00a0<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/personal-finance\/gas-prices-go-down-expected-drop-2023-aaa\" target=\"_blank\" rel=\"noopener\"><strong>GAS PRICES PLUNGE TO NEW LOW, EXPECTED TO KEEP DROPPING IN 2023: AAA<\/strong><\/a><\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2021\/11\/931\/523\/Car-loans.jpg?ve=1&#038;tl=1\" alt=\"image\" \/><\/div>\n<\/p><\/div>\n<p>&#8220;These repossessions are occurring on people who could afford that $500 or $600 a month payment two years ago, but now everything else in their life is more expensive,&#8221; Ivan Drury, director of insights at car buying website Edmunds, said. &#8220;That\u2019s where we\u2019re starting to see the repossessions happen because it\u2019s just everything else starting to pin you down.&#8221;<\/p>\n<p>Some noticed the number of repos increasing earlier this summer. Joey Poliszczuk runs Phoenix area companies Hoist Towing &#038; Recovery and Gorilla Towing &#038; Recovery. He told <a href=\"https:\/\/www.fox10phoenix.com\/news\/heres-why-car-repossessions-up-towing\" target=\"_blank\" rel=\"noopener\">FOX 10<\/a> back in July that he believed the unstable economy meant repossession numbers would continue soaring.\u00a0<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2021\/09\/931\/523\/trucks.jpg?ve=1&#038;tl=1\" alt=\"cars in a lot\" \/><\/div>\n<div class=\"caption\">\n<p><span>FILE &#8211; In this March 24, 2021 file photo, mid-sized pickup trucks and full-size vans are seen in a parking lot outside a General Motors assembly plant where they are produced in Wentzville, Mo. The global shortage of computer chips forced automakers <\/span><span> (AP Photo\/Jeff Roberson, File \/ Associated Press)<\/span><\/p>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/www.foxbusiness.com\/apps-products\" target=\"_blank\" rel=\"noopener\"><strong><u>CLICK HERE TO GET THE FOX BUSINESS APP<\/u><\/strong><\/a><\/p>\n<p>&#8220;The rate of defaults and repossessions isn\u2019t expected to reach 2008 and 2009 levels, when there was a spike caused by the financial crisis. The percentage of auto loans that were 30 days delinquent was at 2.2% in the third quarter compared with 2.35% delinquent over the same period in 2019, according to data from Experian. By contrast, just over 4% of auto loans went into default in 2009,&#8221; NBC News stated.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Check out what&#8217;s clicking on FoxBusiness.com Car repossessions are on the rise, and financial analysts fear the trend will continue, according to a report. The auto loan<\/p>\n","protected":false},"author":1,"featured_media":1779776,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[5458,8171,9168,3819,10192,7972,9591,4723,7267],"class_list":["post-1779773","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-bongino","tag-car","tag-economy","tag-report","tag-repossessions","tag-rising","tag-send","tag-sign","tag-warning"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1779773","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1779773"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1779773\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1779776"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1779773"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1779773"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1779773"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}