GITNUX MARKETDATA REPORT 2024
Repossession Process Duration Statistics
The average duration for the repossession process is approximately 70-90 days from the initial missed payment to the final repossession of the vehicle.
In this post, we provide a comprehensive overview of repossession statistics, shedding light on various aspects of this process in different regions. From the highest repossession rates in Nevada to the evolving trends in home repossessions in the U.S. and the U.K., we analyze key figures that highlight the impact of repossession on individuals and the broader economy. Stay tuned for a data-driven exploration of repossession processes and trends.
Statistic 1
"Nevada has the highest repossession rate in the U.S., with 0.8 repossessions per 1,000 residents."
Statistic 2
"Owned homes at risk of repossession in the U.K. have fallen to 7,230, the lowest since 1980."
Statistic 3
"Around 15% of all repossessions in the U.S. are voluntary."
Statistic 4
"In 2020, a total of 76,750 homes were repossessed in the U.S, a decrease of 22.4% from 2019."
Statistic 5
"The foreclosure rate in the U.S. is at 0.16% as of 2021."
Statistic 6
"In 2020, U.S. auto lenders repossessed 1.625 million vehicles, down from 1.789 million in 2019."
Statistic 7
"In Spain, after repossession, lenders cannot sell the property for less than 50% of the appraised value during the first auction."
Statistic 8
"The repossession process duration is usually shorter for leased vehicles, often happening as soon as the lessee fails to make a monthly payment."
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