March 23, 2009
1.6 Million Vehicles Repossessed in 2008
According to radio station - KCTV5:
In 2008, 1.6 million vehicles were repossessed, an increase of 12 percent from the previous year. Economists said the home foreclosure crisis is partly to blame because as people try to save their homes, their car payments tend to fall behind.
The article can be accessed here. 1.6 million seems like a staggering amount to me. How many vehicles even sold in 2008? Thanks to Bob Hiller for this note.
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According to the NADA, there were 13.2 million sold in 2008....
Economic Impact of America's New-Vehicle Dealers
Based on 2007 Data
Click to download
February 2009 — The nation’s franchised new car dealers sold 13.2 million units in 2008, down 18% from 2007. Sales in all vehicle segments declined with the exception of the lower small segment, which grew 7%. The top-selling car and truck of the year were the Toyota Camry and Ford F-Series, with sales of 436,617 and 515,513, respectively. In 2008, car sales represented 53% of industry sales.
Motor vehicle sales in the U.S. account for more than 18% of total retail sales. NADA estimates that dealers generate in excess of $20 billion in annual sales tax revenue from the sale of vehicles. This revenue is an important part of the budgets for state and local governments across the country.
The video link below provides the outlook for 2009 by NADA’s Chief Economist Paul Taylor. While significant headwinds face the auto industry, Dr. Taylor believes that the second half of 2009 will begin to show improvement and allow the industry to achieve 12.7 million sales for the year.
The NADA DATA 2009 report, based on 2008 dealer financial information, will be published in the May 2009 edition of AutoExec Magazine. To download the latest available report, NADA DATA 2008, based on 2007 information, click here.
Posted by: Andrew Fagan | Mar 24, 2009 10:51:27 AM
Thanks. This is very useful information although 1.6 million is still more than 10% of total sales in units. It might be that they are including repossessions of cars that are pledged for "pay day loans" and those kinds of things. I know that they don't just reposs last years cars but the number is still staggeringly high to me. JH
Posted by: Jon Hayes | Mar 24, 2009 9:39:32 PM
I agree with you..
Posted by: watzabatza | Mar 26, 2009 5:20:53 AM
There is a device available that can be installed on vehicles called The Disabler. I wonder if more lenders need to use the device. If someone is behind on payments they simply remotely disable the vehicle. Just a thought.
Posted by: bankruptcy lawyers | Mar 26, 2009 7:55:10 AM
I now see where we are headed in this country.
Posted by: Debt Forgiveness IRS | Nov 21, 2010 6:20:54 AM
It seems like choosing between a car and a house would be a no brainer, but for those lucky enough to have a job, keeping the car may mean overcoming debt with a structured plan.
Posted by: Spencer Hale | Jul 5, 2011 10:48:37 PM
There will be more BKs to come...this will go on for a while.
Posted by: Unfiled Tax Returns | Jul 15, 2011 10:51:17 AM
a lot of BKs coming this way
Posted by: File Old Tax Returns | Jul 17, 2011 11:40:15 AM