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U.S. Auto Repossessions Surge to Highest Since 2009

3/28/2025

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Summary

Story summary

In 2024, U.S. automotive repossessions reached 1.73 million, marking a 16% increase from 2023 and the highest since 2009.
Auto loan defaults exceeded 2.3 million, surpassing levels seen during the Great Recession.
Consumer confidence fell to a 12-year low due to rising interest rates and economic uncertainty.
The average vehicle loan rate climbed to 10.16%, with monthly payments averaging $748.

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Story summary

In 2024, U.S. automotive repossessions reached 1.73 million, marking a 16% increase from 2023 and the highest since 2009.
Auto loan defaults exceeded 2.3 million, surpassing levels seen during the Great Recession.
Consumer confidence fell to a 12-year low due to rising interest rates and economic uncertainty.
The average vehicle loan rate climbed to 10.16%, with monthly payments averaging $748.