Fitch Ratings analysts say the escalating cost to purchase and maintain a vehicle has pushed defaults, repossessions and the rate of loans more than 60 days past due to historic levels.

Defaults have returned to levels not seen since the 2008–’09 financial crisis, continuing a trend that saw more than 1.7 million vehicles repossessed in the U.S. last year, up 16% from 2023 and 43% from 2022. The Recovery Database Network has already tallied 7.5 million repo authorizations in 2025, projecting 10.5 million by year’s end.

Sixty-day delinquencies among subprime borrowers have been stuck at or near the 6.5% mark since January, higher than at any point during the Great Recession or the COVID-19 pandemic.

The news follows concerning reports from Kelley Blue Book and Edmunds that find the average cost to purchase a new vehicle exceeded $50,000 in September while down payments shrank and monthly payments spiked in the third quarter.

Read more at Fitch Ratings