Planet Money
Riding with the repo man (update)
· Summarized
Key takeaways
- The rise in subprime auto loans has led to an increase in car repossessions, with millions of Americans struggling to keep up with payments.
- The perspectives of the salesman, driver, and repo man paint a comprehensive picture of the auto loan ecosystem and the impacts of financial decisions on people's lives.
- The podcast emphasizes the human element in financial transactions, showcasing the nuances of respect and understanding in high-pressure situations.
Summary
The Repo Man's Nightly Routine
This segment introduces Larry Baker, a repo man, who is tasked with finding and repossessing a black Chevy Cruze from a suburban driveway. Alongside the hosts, he shares his experiences, emphasizing the delicate nature of his job as he navigates through potentially volatile situations at night to retrieve vehicles without confrontation.
The Lifecycle of a Delinquent Loan
In a narrative that follows three characters—the salesman from a car dealership, the car buyer Stephanie, and Larry the repo man—listeners gain insights into the car loan process and the difficulties that arise from subprime lending. The segment highlights how credit scores affect financing options and the responsibilities of lenders in light of rising defaults.
Updates on the Landscape of Car Repossessions in 2026
Now revisiting the circumstances in 2026, the podcast discusses the alarming rise in car repossessions as more Americans fall behind on payments. The character updates provide context and detail the implications of these economic trends, linking them to the larger crisis stemming from the affordability challenges and subprime loan practices.
Sponsors
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Show notes
A record number of Americans with poor or just okay credit are behind on their car payments. And once last year’s numbers are tallied, an estimated 3 million cars will have been repossessed in 2025. That would be on par with how bad it got during the Great Recession. What’s going on? And why now?
Today on the show, we focus on the micro part of the story to answer the macro question. First, we hear a favorite story of ours from 2019. We follow the lifecycle of a delinquent car loan from three different perspectives: the salesman, the driver, and the repo man. Then we’ll hear an update from them in 2026 as we try to find out why so many Americans are behind on their car payments.
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This episode is hosted by Kenny Malone and Preeti Varathan. It was originally produced by Darian Woods and edited by Bryant Urstadt. Our update was reported by Vito Emanuel and produced by Sam Yellowhorse Kesler, and edited by Planet Money’s executive producer, Alex Goldmark.
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