<ul><li>Car repossession rates in 2024 reached their highest level in over a decade at about 1.73 million.</li><li>During the same year, 2,332,837 Americans defaulted on auto loans, which exceeded the number of defaults during the Great Recession's peak.</li><li>The main contributing factors to the repossession hike are elevated interest rates and higher car prices.</li><li>The average price of new and used cars is projected to increase by 5% due to President Trump's 25% tariff on all automotive imports.</li></ul>

Car Repossessions Reach Shocking Levels as Loan Defaults Exceed Levels During Great Recession

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