Core Insights - The rise in vehicle prices, elevated interest rates, and high living costs have led to a significant increase in auto repossessions, with estimates showing a 43% increase from 2022 to 2024, reaching 1.73 million units, the highest level since 2009 [1] Group 1: Reasons for Rising Repossessions - Auto loans have become more expensive, contributing to increasing delinquency rates, with nearly 4% of auto loans being 90 days or more delinquent at the end of 2022, rising to about 5% by the end of 2024 [3] - U.S. tariffs on imported vehicles and auto parts are pushing prices higher, as automakers adjust pricing and production in response to trade barriers, leading buyers to take on auto loans that strain household budgets [4] Group 2: Repossession Process and Implications - Borrowers often underestimate the speed of the repossession process, which can begin after a single missed payment, depending on state laws and lender policies [5] - Common warning signs of imminent repossession include missed or late payments, notices about force-placed insurance, and changes to monthly payments, indicating that the account may be at risk [6] - Lenders can repossess vehicles without a court order once the loan is in default, and the financial impact of repossession extends beyond losing the vehicle itself [7]