In the years since the COVID-19 pandemic, surging sticker prices and shrinking incentives from automakers have led more consumers, especially those with less purchasing power, to buy used cars and take out loans with longer terms.
Now, however, more Americans are falling behind on their loan payments, signaling that lower-income consumers are struggling to afford their automobiles amid stagnant wages and higher unemployment.
The economy has stayed strong, with Wall Street continuing to purchase subprime auto loans, but The Wall Street Journal reported that there are indications that all is not well in the auto market.
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