“Car Repos Are SURGING” - High Rates Causing Americans to Miss Car Payments

Car repossessions have surged 23% from last year and are 14% higher than pre-pandemic levels, according to a July 2024 Cox Automotive report. With fluctuating car prices, high-interest rates, and rising living costs, it's crucial to maintain open communication with lenders to avoid falling behind on payments.
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Patrick Bet-David, Vincent Oshana, Tom Ellsworth, and Adam Sosnick cover the biggest stories in business, politics, current events, and more!

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Patrick Bet-David is the founder and CEO of Valuetainment Media. He is the author of the #1 Wall Street Journal Bestseller “Your Next Five Moves” (Simon & Schuster) and a father of 2 boys and 2 girls. He currently resides in Ft. Lauderdale, Florida.

[markjones]

Because cars were WAY OVER PRICED and still are

[stonewallstorys]

I’m just a forklift driver and I’m struggling to afford basic necessities like after shave and razor blades. I bet our politicians never went without one day in their life it’s disgusting

[stevekrupey]

I feel extremely fortunate to have purchased my nearly new car in 2019 at 2.9%. 8 months to go.

[bobby]

Who can afford car payments the economy is so bad, people going through tough times, times are getting tougher, the job you have doesn't afford you a car, you lose a car, you can't work, you lose your job you lose your home

[HerpaDerp]

I drive a 2005 cop car that had 15k miles on it. Paid 11k for it. It's in good shape, and drives great. Do I have leather seats and bells and whistles? No. But I save hundreds and hundreds every year. A little humility goes a long way.

[theeasternfront]

The wife and I make a quarter mill a year. She drives a 13 year old Hyundai, I drive a 29 year old Nissan truck. Stop buying cars or you will stay broke.

[matthewbiondic]

It starts with missed car payments. Then, it quickly manifests into missed mortgage payments. Always does.

[LuckyLopez]

The repo rate is higher today than the 2008 financial crisis.

[ForeverStapleton]

Tom’s comments are always so well thought out and Adam sounds like he’s trying to give a book report on a book he didn’t read.

[corey]

Old car is $30K? WTF? We have an 08 Toyota, bought from the original owner 7 years ago for $7K, cash. It now has 135K miles and works perfectly.

DO NOT, buy a new car. DO NOT lease a car. DO NOT borrow big money for a used car. Pay Cash for a 15-20 year old car and learn to keep it alive yourself. That is how you beat this. Stop trying to keep up with the fucking neighbors.

[Particle_Ghost]

Most people can blame themselves because they insist on having the biggest new thing on the block. If you aren't smart enough to calculate a risk assessment in having a $800 a month car payment that's on you.

[Justsay-in]

I love my 15 year old car. No loan. All mine

[bandjolyn]

A friend of mine had a 3 year old car, bought a new one with nothing down while still being negative on the first one. He's waiting for the dealership to sell his first one, meanwhile still making payments on it, on top of the new payment. All said $1400 a month + ins. Absolutely insane.

[joncarbone]

I paid off my car early 3 months ago. Then again payments were only $330. I can’t believe the average payment is $700+. Be smart folks. Nothing wrong with sacrificing gratification for a while.

[kawehionalani]

I’ve had my car repo once back in 2011, and vowed I will never let that happen again, so now I just buy my car cash outright. Paid $27K for my 2022 Toyota Camry in 2023. No regrets.

[danielj]

"I have my Uber driver, she's waiting outside for me.."
"Yeah, good for you."

[stheworldturns]

No cars no problem. Here we invite you to the 15 min city. - WEF

[BigChillingGoingDown]

I told my fancy truck and bought a $1200 beater. Never been happier.

[jppalm]

Banks gave car loans to unemployed, hardly employed, horrible credit lenders. I know of a young guy, got loan for 78, 000 car, no previous credit. He made 3 payments

[fgonzalez]

I pay 7k a year for health insurance for a family of 4..come right out of my check plus taxes..its crazy. I caint even afford shame anymore.