 The rate of car repossession started speeding up last year and have now sped past pre-pandemic levels up 14% from the first half of 2019. Now, consumers usually get their cars seized after missing three monthly car payments. And right now, according to Edmunds, interest rates for new and used cars respectively are 7.3% and 11.5%. And listen to this. As a result, the average new car payment has hit about $740 a month. And for a used car, that's $550 a month.