Vehicle repossessions have increased dramatically. Here are the scary facts and what it may signal.
Repossessions Increasing
Last year an estimated 1.73 million vehicles were repossessed, which is the most since 2009, according to COX Automotive. So far this year, an estimated 2.1 million vehicles have been repossessed through April, according to the American Recovery Association.
Economic Signal
What does it mean when repossessions are rising? It means that consumers are strained and having a hard time paying their financial liabilities. It can also be a warning sign of a recession or a slowdown in consumer spending.
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