With the current high inflation rate, Michiganders have seen the price of just about everything go up. It’s getting harder for many people to pay their bills, including their car payments. How can you keep the repo man at bay?
Here’s Five Fast Facts …… :
- 🌧️ Dark May - Repossession companies started seeing an increase in business back in May. By June, it was double what they would typically see.
- 😷 Blame it on the ‘Rona - In part, anyway. Many COVID-era assistance programs have ended recently, leaving people in a big pinch.
- 💭 Decisions, Decisions - Sometimes, we have to resort to robbing Peter to pay Paul. Families have hard choices about which bills to pay, often deciding between house payments, food, and transportation.
- 🚗 Not Just a City Issue - This isn’t just happening in Detroit. Companies report increasing repossessions in Farmington, West Bloomfield, Ann Arbor, and River Rouge.
- ✍️ Protecting Yourself - If you fall behind on payments, the best thing to do is be proactive. Don’t wait until the repo man is knocking on your door - the best thing to do is to ask your finance company for an extension or modification on your loan. And do it in writing.
🔥Bottom line: Pay your bills on time, and be vocal in asking for help if you think you’re falling behind. Used car inventory is still low, so dealers and finance companies are more likely to start the repossession process because they know they can quickly resell your vehicle.
How has inflation affected you?
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