Cars are staying on the road longer, reaching an age where they need substantial repairs or break down. It is a key reason more people are falling behind on their auto loans.
The trend, noted by lenders, consumer attorneys and others, is another example of the long-lasting effects of the pandemic, which transformed the auto industry by making new and lightly used vehicles hard to come by.
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Source: https://www.wsj.com/articles/car-breakdowns-are-making-more-people-fall-behind-on-their-loans-15ed18b5?siteid=yhoof2&yptr=yahoo