Car Repossessions Head for a Record High as More Owners Default on Loans
Car and truck repossessions this year are headed for the highest level in at least a decade, thanks to easy credit and a faltering economy, says an economist for one of the largest wholesale auto auction services.So many vehicles are being snatched from owners who stop making payments that some repo operators and auto auctioneers say lots are overflowing.This year's predicted 10% rise in vehicle repos to 1.6 million would be a third higher than 10 years ago, says Thomas Webb, chief economist for... Full Story
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