Bank Parking Lots are Going to be Crowded
With Repoed Cars.
"The average monthly car payment was $644 for a new vehicle and $488 for used vehicles in the U.S. during the fourth quarter of 2021, according to Experian data. The average lease payment was $531 a month in the same period."
- "Americans are taking many years to pay back their auto loans. The average auto loan term is 69.7 months for new cars, 67.4 months for used cars and 36.8 months for leased vehicles."
"The average one-to-five-year-old car cost an average of $34,291 in July according to iSeeCars.com’s latest analysis of over 1.8 million used car sales. "
"The average new-car price reached an average all-time high of $42,736 in July 2021 — an 8.2% increase from July 2020, according to Kelley Blue Book. Other data, from Experian, shows monthly car payments overall have risen, too."
"With yearly repossession rates at 65% compared to yearly new car sales. This means that for every 2.4 cars sold, 1 existing vehicle on the road will be repossessed each year."
- Ford F-150 – is the most repossessed truck
- Chevy Silverado – is 2nd the most repossessed truck
- Honda Civic – is the most repossessed car
- Honda Accord – is 2nd the most repossessed car