In the second quarter of 2024, loan loss provisions at the six largest US banks increased the most since 2020 and car repossessions in June (drivers over 60 days late on payments) rose 23% year over year and were +14% compared to the pre-pandemic first half of 2019. See Car Repossessions Surge 23% as Americans Fall Behind on Payments.
Car repossessions rocketed higher in the first half of the year, a sign of rising consumer distress as the Fed weighs rate cuts. Here is a direct video link.
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