Lower-Income Americans Are Missing Car Payments

“More Americans are struggling to make their monthly car-loan payments, a sign that lower-income consumers are under growing financial pressure,” the New York Times reports.

“The share of subprime auto loans that were 60 days or more past due reached a high of nearly 6.5 percent in January and has lingered near that level, according to Fitch Ratings. Repossessions have swelled, more drivers are trading in vehicles that are worth less than they owe and lenders such as CarMax and Ally Financial have warned investors about auto loan performance.”