According to The Kobeissi Letter, US auto repossessions have increased by 16% in 2024, reaching 1.73 million, the highest since 2009. Over the past three years, vehicle seizures surged by 600,000 or 53%. This trend correlates with a sharp rise in consumer auto delinquencies, impacting the auto loan market significantly.

According to The Kobeissi Letter, the share of subprime car borrowers at least 60 days past due on their loans reached 6.6% in January, marking the highest level in at least 30 years. This figure has doubled over the last 3.5 years, surpassing delinquency rates seen in 2020, 2008, and previous peaks. This trend indicates increasing financial stress among subprime borrowers, which could have broader implications for the auto loan market and related financial sectors.