Car repossessions are surging — a troubling sign for the used car market

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There's a troubling situation spreading among car owners that could be a sign of an implosion of the used car industry, according to a new report.

There's a troubling situation spreading among car owners that could portend an implosion of the used car industry, according to a new report.

Repossessions of vehicles are surging, and have even doubled among so-called"prime" borrowers, or people with good to excellent credit scores who are considered the least likely to default on their lows, Lisa Beilfuss Popeo, a senior writer for Barron's, told CBS News. Repossessions occur when a borrower falls behind on their car payments, giving the lender the right to seize the vehicle. The rise in repossessions comes after car prices surged during the pandemic, as auto manufacturers struggled to meet demand amid chip shortages and other issues.

 

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Because of oil products and the oil is high price of oil so no need to more car No more spear parts No no. No. No no

Simple solution is to start toTAX THE WEALTHY! Give that money to those in dire need. These people are NOT lazy but are being paid as if it was 1990 It’s not! Unfortunately. You can not work for $7- $12 an hour an 70’s-90’s pay & survive in 2022. Some of these people work 3 jobs!

The end of the child credit also put a stop to a lot of that crypto investing, interestingly enough. Raise your hand if you think that the government’s mad money printing spree and generous handouts lead to this bout of inflation!

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