Car repossessions surge in the U.S., signaling possible economic strain

CINCINNATI —

Car repossessions in the United States have reached their highest rate since the 2009 recession, reflecting economic strain and rising costs for vehicle owners.

Michael Jones, an economics professor at the University of Cincinnati, said, "It's a sign of a deteriorating economy when we see these very high car repossession rates." Advertisement

Recent data shows a sharp rise in U.S. vehicle repossessions, with seizures climbing due to record high prices for new cars.

"Part of that is being due to the record high prices for new cars. The average price for new cars is over $50,000, and that results in a monthly payment of about $750 a month," Jones said.

Jones also noted the broader economic impact, saying, "We're seeing jobs being added at lower rates than we've seen over t