Auto Repossessions on the Rise

As the economic situation in America becomes more dire due to the effects of Covid-19, auto repossessions are expected to rise. Without more stimulus - jobless benefits, financial programs and consumer protections are all set to expire, causing evictions, foreclosures and auto repossessions. “We’ve certainly seen an uptick in defaults and delinquencies,” said John Van Alst of the National Consumer Law Center. “I think that’s going to translate into a really large increase in repossessions.” According to the credit reporting agency TransUnion, the number of auto loan accounts that are 30 days past due moved to 3.1% in August, compared to 3.0% in July. “I’m almost certain the number of repossessions are going to increase,” said Les McCook, executive director for the American Recovery Association. Source: https://www.poynter.org/