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People have stopped paying their car loans, and it shows millions are struggling in this economy

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The pandemic’s uneven economic fallout is now showing up in car loan payments — especially in their absence.

More than 9% of subprime auto borrowers — those classified as having a higher risk of default — were over 60 days delinquent in the fourth quarter of 2020, according to TransUnion data cited by The Wall Street Journal. That means a lot of people just can’t pay off their car loans right now.

That share is the highest since 2005, just before a wave of mortgage defaults sparked the global financial crisis. Separately, 10.9% of subprime borrowers with details ⇒

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