02 April 2009

Lots of Cars Repossessed In 2008

In 2008, 1.6 million vehicles were repossessed, an increase of 12 percent from the previous year.

From here citing this source.

How much does it cost a bank to have someone repossess a car? "[A]uto dealers and banks will pay rates between $250 and $400 per vehicle."

The number of new cars sold in the U.S. in 2008 was something on the order of 11-12 million.

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