Vehicle Repossessions Rose in the Years Following the Pandemic: CFPB Report

The $1.64 trillion auto loan market is facing ‘increasing consumer risk,’ the agency said.

The Consumer Financial Protection Bureau building in Washington on Jan. 14, 2025. Madalina Vasiliu/The Epoch Times

Auto repossessions surpassed pre-pandemic levels in 2022, with customers owing large sums to lenders even after losing their vehicles, according to a recent report from the Consumer Financial Protection Bureau (CFPB).

In December 2019, 0.61 percent of all outstanding vehicle loans were assigned to repossession, which jumped to 0.75 percent in December 2022, an increase of 22.5 percent in just three years, according to a Jan. 23, 2025, statement from the agency.