While everyone has felt the impacts of the coronavirus in some way, one group of people might be about to get hit with another bout of bad news. More people will lose their jobs or will in some way suffer economic hardship. That will mean missed debt payments, which translates to a surge in auto repossessions.
Part of the problem moving forward is that government responses to the COVID-19 pandemic are easing up or have already finished. Some states issued temporary repossession halts, but not all of them.
For people who may be facing a vehicle repossession, the FTC has a page of advice. One of the most important suggestions, in addition to getting in touch with your lender: contact your state attorney general and/or your local consumer protection agency to understand the law and your rights where you live.
Read the article at Car and Driver.
Leave a Reply