Across the US, people are increasingly defaulting on their car loans — a dire economic indicator because these loans are usually the last payment Americans are willing to miss. Meanwhile, auto insurers are raking in record profits after hiking rates.

Across the US, people are increasingly defaulting on their car loans — a dire economic indicator because these loans are usually the last payment Americans are willing to miss. Meanwhile, auto insurers are raking in record profits after hiking rates.

  • IllNess@infosec.pubEnglish
    17·
    3 days ago

    The average price for a new vehicle topped a record-breaking $50,000 in September. Meanwhile, auto loan delinquency rates are at all-time highs for those with subprime credit ratings — those with credit scores below 670 — doubling since 2021 to reach 6.43 percent. The default rate is now worse than during the last three recessions: the COVID-19 pandemic, the Great Recession, and the dot-com bust.

    Seems like you and the article are on the same page.