The main reason is the high cost of car loans and interest rates, which many families cannot afford to pay. As a result, millions of Americans are at risk of losing their vehicles and facing great financial pressure.
More than 2.2 million cars have been recalled in the first 11 months of the year, according to Cox Automotive. That number could reach 3 million by the end of the year, the highest level since the Great Depression. Recalls are on the rise in states that rely heavily on personal cars, from Michigan to Ohio to Texas. In many places, cars can be towed at any time, even in the middle of the night.
Car financing costs are a huge burden. Eighty-five percent of new cars and more than half of used cars in the U.S. are purchased on installments, many for seven to 10 years. The average price of a new car has reached $50,000, with typical monthly payments ranging from $700 to more than $1,000.
Mr. Kenny Booth - Director of Antwerpen Hyundai Clarksville Dealer, USA said: "Car prices skyrocketed from 2021 to 2024. Taxes increased, manufacturers also increased prices, dealers had to raise prices. Everything became more expensive, causing car prices to increase sharply."
Repossession companies say the number of repossession orders has tripled, forcing recovery teams to work around the clock.
With inflation still high and interest rates in the US showing no signs of decreasing, the number of car repossessions is expected to continue to increase in the coming time. This development is seen as a warning sign of the increasingly difficult financial situation of many American households.
Source: https://vtv.vn/hang-trieu-nguoi-my-doi-mat-nguy-co-mat-o-to-100251123111052444.htm
Comment (0)