Cram Schools Test Prep Here come the COVID-19 car repos – Poynter

Here come the COVID-19 car repos – Poynter



Covering COVID-19 is a daily Poynter briefing of story ideas about the coronavirus and other timely topics for journalists, written by senior faculty Al Tompkins. Sign up here to have it delivered to your inbox every weekday morning.

The number of COVID-19 car repossessions will likely rise soon.

KING-TV in Seattle reports:

Auto repossessions are expected to surge in the coming months as financial hardship programs begin to peter out and temporary consumer protections expire. Due to the economic turmoil brought on by the coronavirus pandemic and record levels of unemployment, more and more consumers are expected to fall behind on car payments.

“We’ve certainly seen an uptick in defaults and delinquencies,” said John Van Alst of the National Consumer Law Center. “I think that’s going to translate into a really large increase in repossessions.”

According to the credit reporting agency TransUnion, the number of auto loan accounts that are 30 days past due moved to 3.1% in August, compared to 3.0% in July.

“I’m almost certain the number of repossessions are going to increase,” said Les McCook, executive director for the American Recovery Association.

You can help your readers/listeners/viewers who fall behind on their car payments by sharing some advice from the Federal Trade Commission.

First, don’t “do nothing.” Contact
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