A big indication that we may be heading toward a severe economic downturn has been identified by Cox Automotive, as the overall number of car repossessions has increased by 23 percent over last year. Not only that, but the current repossession rate has even eclipsed pre-pandemic levels, with 2024 sitting about 14 percent higher than 2019 repossession numbers. Consumers are falling behind on their car payments, a trend which likely won’t slow down with inflation, higher car prices, and sky-high interest rates kicking American workers in the pocket book. In May the average American new car buyer was paying $760 per month for an auto loan, with 17 percent of car owners committing to a monthly payment over $1,000.