More Car Owners Are Falling Behind on Their Payments

More Americans are missing car payments amid high prices and steeper interest. About one in seven new-car buyers in September had a credit score of less than 650—the most for that month since 2016—while subprime borrowers 60 days late hit a record of more than 6 percent, The Wall Street Journal reports, citing Fitch. Repossessions climbed to an estimated 1.73 million last year, the most since 2009, according to Cox Automotive, the paper reports. With average monthly payments topping $750—and nearly 20 percent now more than $1,000—some shoppers are heading to used car lots or biding their time. Carmakers are trying to tempt buyers, with Ford dangling lower rates to help clear unsold F-150s, and GM’s finance arm says roughly 12 percent of loans this year went to customers with sub-620 scores