Car repossessions reach 1.73 million in 2024, up 16% YoY

In 2024, car repossessions in the United States reached 1.73 million, marking a 16% increase year-over-year and a 43% rise compared to 2022. This level of repossession is comparable to figures seen in 2009.

The current economic landscape appears to present a stark contrast, with asset owners generating trillions in market capitalization, while many individuals face the loss of their vehicles. The data highlights a growing divide, suggesting that economic conditions are leading to significant disparities in financial well-being.

For further context on the economic situation, recent developments indicate that asset prices continue to rise sharply, even as the Federal Reserve cuts rates amid concerns of stagflation.

This trend of increasing car repossessions reflects ongoing challenges for many consumers in the current economic climate.