Experts from multiple industries are forecasting a dramatic upswing in auto loan defaults and repossessions. John Van Alst of the National Consumer Law Center, for example, says that his agency has “certainly seen an uptick in defaults and delinquencies.”
Earlier, we described how the looming delayed debt crisis will likely lead to an increase in auto repossessions (and the need for Repossession Lot Inspections) over the next year. We are continuing to examine this forthcoming crisis, today looking at how foreclosures are similarly expected to rise in this period.
A lot of people have struggled through the pandemic as unemployment, medical costs, and a general economic decline all seemingly conspired against American households over the last year.
The repossession industry does not enjoy the best reputation in popular culture. A lot of this is unfair—the industry is oftentimes the public face in a truly uncomfortable and unfortunate situation in which a consumer cannot continue their car payments and must forfeit the title. That means there is a lot of hostility towards reposessors, who, even if always acted above-board would still fail to win any popularity contests.