As vehicle prices have risen, amid elevated interest rates and high living costs, so too have repossessions in recent years. Cox Automotive estimates yearly auto repossessions went up about 43% between 2022 and 2024, up to 1.73 million units, the highest since 2009 (1). Must Read Something that catches many people off-guard is how quickly a repossession can occur — and how costly it can be even after the vehicle is taken. Why repossessions are rising Auto loans have become significantly more expensiv ...

Jaspreet Singh, founder of the Minority Mindset YouTube channel and personal finance expert, warns that the U.S. car market is fundamentally broken. Be Aware: 7 Critical Checks Before Buying a Used Car, According to Mechanics Try This: 6 Safe Accounts Proven To Grow Your Money Up To 13x Faster New vehicle prices have topped $50,000 while auto loan delinquencies reach historic highs — a troubling combination that suggests Americans can no longer afford the cars they’re buying. Here’s what you need to know. ...

Core Insights - Ally Financial reported strong third-quarter earnings, with earnings per share of $1.18, exceeding the S&P analysts' consensus estimate of 96 cents, and net income of $371 million, surpassing forecasts of $301.9 million [1][2][7] - The bank's revenue for the quarter reached $2.2 billion, outpacing expectations of $2.11 billion and reflecting a 2% increase from the previous year [2][7] Industry Context - The auto industry is facing challenges, with rising delinquency rates and recent bankruptcies from companies like First Brands and Tricolor [3][4] - In August, auto delinquencies increased across all stages, with 6.43% of subprime auto loans being at least 60 days past due, nearing an all-time high [4] Ally Financial's Performance - Despite industry challenges, Ally Financial experienced a decline in retail auto delinquencies and a charge-off rate for retail auto loans that dropped to 1.88%, down from 2.24% in the same period last year [5][6] - The bank's cautious approach to subprime lending and tightened underwriting standards in 2023 contributed to its strong performance [6]