Rising car prices due to tariffs and inflation are leading to a significant increase in auto loan repossessions, according to new data. The report details the increase, expert advice for those facing repossession, and resources for navigating the financial consequences.
With tariffs and inflation driving up car prices , more Americans are finding they cannot keep up with their auto loan payments — and repossessions are on the rise.New data from Cox Automotive, a global automotive services and technology company, shows repossessions increased 43% over a one-year period.
The company expects that trend to continue.RELATED STORY | Auto loan delinquencies on the rise: Here's what that means for the economyIf your vehicle is repossessed, experts recommend acting quickly. Start by calling your lender to confirm the repossession and learn where your car is located. Once you have that information, you can plan your next steps.One of those steps should include contacting your insurance provider, since coverage requirements may vary. In some states, such as Florida, you are also required by law to retrieve and surrender your license plate after a repossession.IN CASE YOU MISSED IT | Record number of people are making monthly payments of $1,000 or more for their carsAfter addressing immediate concerns, finding a credit counselor may help you navigate the financial fallout. A low credit score can lead to higher auto insurance costs if you try to buy another car.This story was originally published by Susan El Khoury with the Scripps News Group in Tampa.WATCH | Looking for a safe first car? Here are the top picks for teen drivers
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