20,000 Vehicles are Repossessed Every Day?

In a July 24^th tweet on X (fka; Twitter) from Ridgefield, Connecticut base unaffiliated, independent research platform Unicus, they claim that they have a source that claims that there are currently 20,000 auto repossessions occurring daily. Kind of hard to swallow, especially if you also read their quotes on delinquency that they posted with it, but this narrative has spread to Reddit and a car dealer YouTube channel.

Not to completely discredit these claims, but these are some pretty steep delinquency numbers to start with. 1 of 3 loans in 30 days delinquency, 1 of 5 in the 60 days delinquency tranche and 1 of 7 over 90 days. That would be a pretty big increase from the end of the 1^st quarter.

At the end of the 1^st quarter, Wells Fargo posted a 30 days delinquency rate of 2.3%. The above quote would require their 2^nd quarter numbers to have ended at least ten times higher and even that would be lower than the 33% quote.

Ally’s was at 3.2%. Similar situation. But for 1 of 7 to be over 90 days at the end of Q2 would indicate that all hell had broken loose.

Now, if there were 20,000 repossessions a day, that would mean that there are over 600,000 repossessions recovered or in the process of being repossessed in a one-month period. It’s kind of hard to believe this level of volume exists without someone like Cox Automotive or even Black Book making some mention of rising repossession inventory volumes in their weekly wholesale market updates.

Regardless, there’s a YouTube dealership personality known as “Lucky Lopez” who is sharing the same information. See below.

Now, I’m not the only person online disputing these figures. Twitter, “X” as it is now called, has numerous people questioning this. While I may doubt it completely, I do look forward to them releasing the context, greater detail and perhaps source, which they have claimed that they will do. If credible, I’ll be sure to share it.

In the meantime, don’t be surprised if this clickbait takes off all over the internet.

20,000 Vehicles are Repossessed Every Day? – Repossess – Repossession – Delinquency – Credit Union Collections – Remarketing