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Americans Fall Behind on Car Payments at Higher Rate Than in 2009

Automobile repossessions are climbing as inflation forces struggling consumers to make tough choices.

Traffic Ahead Of The Thanksgiving Holiday
Photographer: David Paul Morris/Bloomberg

Losing his car was just the beginning.

When 21-year-old Kobe Hatch walked outside his Chicago home in December and couldn’t find his 2013 Dodge Journey, he knew it had been repossessed. He’d been falling behind on payments for months.