Many people had purchased a new car in the last year or so, millions more than "usual." What's interesting is the average car price, loan amount and what now stands as the average new car payment and length of the loan term. I bring you this information because I am predicting a wave of repossessions based on the loose standards that the auto financing industry has followed since late 2020. With very little in the way of standards to ensure people can actually afford the monthly car payments, I believe repo's will surge and many people will experience damage to their credit profile (and wallet) because of it.
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