Subprime borrowers falling behind on car loans

(CNN)– A key group of American borrowers is falling significantly behind on their car loans.

They are subprime borrowers, or those with credit scores below 670.

According to Fitch Ratings, the percentage of subprime borrowers who are at least 60 days late on their car loans has doubled since 2021 to 6.43%.

That’s worse than during the past three recessions.

And cars are being repossessed at the highest rate since the great recession of 2008 and 2009.

It’s yet another warning sign about the U.S. economy.