Automotive repossessions reportedly jumped last year to the highest level in 15 years. The last time car repossessions were at this level was in 2009, when the country was dealing with the fallout from the previous year's financial crisis, the report added. As Bloomberg notes, these numbers are another sign that Americans are having trouble staying on top of their monthly bills due to steep interest rates and higher car prices. The number of subprime borrowers who were at least 60 days late on their loans climbed to 6.56% in January, the most on record, Bloomberg added, citing Fitch Ratings. Meanwhile, purchasing a car has become more costly, with Cox data showing that the average vehicle loan rate rose by five basis points to 10.16% in February, the highest in four months, with the average monthly car payment coming to $748. read more
Look up Smoot-Hawley and see how that turned out. Dumbass.