In the Good Old Days, we referred to repossessions as "pops." The bank "popped" the car.
We've noticed that there are a lot more "asset recovery" tow trucks out and about in SE Wisconsin, and there's a reason.
...the overall number of car repossessions has increased by 23 percent over last year. Not only that, but the current repossession rate has even eclipsed pre-pandemic levels, with 2024 sitting about 14 percent higher than 2019 repossession numbers....
That last line is important.
MS-NBC thinks this is a sign of a recession. Maybe. What it certainly is is a sign of loosey-goosey car lending practices, such as rolling remaining debt from a trade-in into the loan for a new car. In effect, that makes the borrower pay for TWO cars, not just one; and in most cases, that means they're "underwater" from the get-go.
BidenFlation also plays a big part. Groceries are up 30% in the last 4 years and rent is not far behind. What may have been a "do-able" payment in '22 is no longer "do-able," if you like eating regularly and sleeping under a roof.
So Thanks, Joe Biden!!
And may the predator lenders eat s**t.
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