Many are struggling to pay their automobile loans across the country.
The number of people behind on their car payments has been approaching prepandemic levels.
Industry analysts worry the trend is going to continue into 2023 with economists expecting unemployment to rise and inflation to remain high. https://t.co/usT51KmHcy
— NBC News (@NBCNews) December 17, 2022
People in the car industry are noticing this and predicting mass defaults and car repossessions in 2023.
This morning I discovered something *extremely* alarming happening in the car market, specifically in auto lending.
I'm now convinced that there is a massive wave of car repossessions coming in 2023.
Here's what I discovered (and what no one knows):
— CarDealershipGuy (@GuyDealership) December 16, 2022
Despite this, we are being told that the economy is doing great. If the economy was doing great people wouldn’t be falling behind on automobile loans like this.
Looks like 2023 is going to be a big year for the repo industry. If you want to know what the repo industry is like, you should check out the 1984 documentary film Repo Man. It’s the best movie on the car repossession business ever made. It accurately documents how being a repo man is more than just a job and it is actually an adventure. I learned a lot by watching it. Very informative.
