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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