- Vehicles are repossessed by banks when the customer defaults on the loan, typically when payments are three months late.
- For the lowest-income consumers, the rate of loan defaults is now exceeding its 2019 number, according to data from ratings agency Fitch.
- The average monthly payment for a new car has increased 26% since 2019 – to $718 a month.
- Associated vehicle costs including insurance, gas and repairs also have increased.
