Author: Sarah Sharkey

It’s no secret that finding affordable housing options in California is an ongoing struggle for many residents.

In an effort to alleviate this ongoing housing crisis, the state recently passed new laws designed to encourage building more homes at a faster pace. However, not everyone likes the new rules, including the residents of Corona, California.

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Some are furious about the impending development of 38 housing units by Tricon Residential, according to KCAL News.

Prior to the new state laws, Corona City Council approved the company building 19 units in the housing development. But, the recent laws that went into effect allowed Tricon Residential to double the number of accessory-dwelling-units (ADUs) built within the same lot.

At this point, the City Council can’t do much. Essentially, the state law allows for this change to the proposed development with little recourse for the locals.

“I don’t want a cracker box across the street,” local resident Paulette Perry said in an interview with KCAL News. “I want something that looks like our neighborhood.”

Why Corona residents and leaders are pushing back

The location of the proposed two-story housing development is nestled into a neighborhood filled with single-family homes. Most of which were built in the 1960s and 1970s, which gives the neighborhood a classic look.

“They’re overpopulating our little area here,” Perry told KCAL News. “You’re not building to our neighborhood, you’re building way too high."

Perry’s petition to stop the development from moving forward amassed 172 signatures. But even with this upswell of community support against the additional housing units, there’s little the City Council can do.

Tom Richins, a Corona City Council member, claims the new state laws keep the city’s hands tied.

"You either vote their way, or the city faces lawsuits," he told KCAL. “It’s just turned into: We need more houses, however you can jam pack ’em in, the state would like you to do that."

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New developments and housing costs

Because of the state laws recently introduced, it’s likely the housing project will keep moving forward with 38 total units.

Richins told KCAL News that developers can now rake in extra cash under the guise of creating affordable housing.

These new housing units won’t be available for sale. Instead, new residents of this built-to-rent community have the opportunity to rent out the units for a monthly rate similar to a mortgage payment.

With Tricon properties rented out in the mid-to-high $3,000 per month range, these rent-ready houses aren’t necessarily an affordable option for everyone. Especially when compared to the median gross rent of housing in the area at $2,136.

Since the number of units doubled, it seems likely that Tricon Residential will stand to earn significantly more in rental income by creating additional units.

Tricon Residential’s Corona project is being developed in partnership with Foremost Pacific Group and Woodbridge Pacific Group.

The intent of this built-to-rent community is to increase access to single-family living accommodations for families who can’t afford to buy a place but can afford to rent a space.

“We are proud to partner with Tricon on this much-needed community, which will expand rental housing opportunities for families in Corona,” said Andrew Murphy, Chief Investment Officer at Foremost Pacific Group in an interview with Yield Pro. “Tricon Corona is thoughtfully designed to provide residents with high-quality homes in a great neighborhood, with the convenience of professional management and access to great local amenities.”

According to the Public Policy Institute of California, more than 50% of all adults say housing costs are a financial strain. With average home prices in Corona sitting at $772,888 and median household incomes sitting at $106,438, it could take a significant boost to housing supply to bring prices down to a level that residents can afford.

Generally, experts recommend not spending more than 28% to 30% of your gross income on housing. For a household with a take-home income of $106,000, that means they can spend roughly $2,473 per month on housing costs, like a mortgage, to stay within this guideline. That’s significantly lower than the potential monthly rental costs of this new housing development.

Unfortunately for the concerned Corona citizens, the project seems unlikely to stall. But it’s unclear if built-to-rent communities will solve the housing crisis in California.

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Americans lose billions of dollars every year to fraud, many of them are older.

Imagine a 71-year-old retiree who falls for an online scam and loses every cent of his entire 401(k) and savings.The magnitude of this loss would put his entire financial future at risk.

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It can happen: According to the FBI, the elderly population loses more than $3 billion per year to scams.

If you or a loved one has fallen victim to a financial scam, the very first thing to do is immediately report the crime to the Federal Trade Commission (FTC) and the FBI.

Losing a retirement nest egg

Losing your retirement nest egg due to a scam can be financially devastating. Facing the situation head-on can help you right the ship.

For starters, stop the bleeding. When you discover you’ve fallen for a scam, do your best to mitigate the damage. Stop any additional funds from leaving your bank account.

Depending on the situation, you may actually recover some of the funds with the help of the authorities and your financial institution.

If you don’t have any luck through reputable channels, don’t fall for a recovery scan, which promises to help recoup your funds but actually steals more money from you. If someone asks for an upfront fee to help you recoup your funds, it’s likely a recovery scam.

When you’ve exhausted your recovery options, the only thing to do is move forward. Luckily, there are still some strategies to help regain your financial stability.

Concrete steps you can take

Start by exploring your Social Security benefits. For eligible seniors who haven’t applied for Social Security benefits yet, it might be the right time to tap into this monthly income. Although Social Security income alone likely won’t replace your savings, it can help you cover your needs.

Beyond Social Security, look into senior support programs available through local nonprofits. For example, some might offer packages of nutritious food or healthcare support, both of which might help you stretch out your budget.

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Don’t overlook the possibility of returning to work in some capacity. Although you might not feel up to a full-time position, you might take on part-time or remote work to bring in a supplemental income. When combined with your Social Security benefits, it might be enough to live your retirement dreams.

Finally, losing your nest egg might mean you need to reevaluate your retirement plans. For example, if you were planning to move to a more expensive area, staying put might be a viable option now.

Or, if you have a large home with lots of equity, you might consider downsizing in order to lean on that hard-earned equity during your retirement years.

How to protect yourself (and your loved ones) from elder fraud

Falling for a scam can come with serious financial consequences. As more retirees manage their finances online, getting familiar with common scams can help you protect your assets.

According to the FBI, tech support scams are the most widely reported kinds of elder fraud. In this scenario, an elderly person accepts “help” from a bad faith actor online in hopes of solving a tech problem. Instead of receiving help, scammers steal funds and personal information from the victim.

If you need technical assistance, find help from a reputable company. For some situations, it’s best to take the device to a physical location for repair, like an Apple Store or Best Buy, to get legitimate help from tech problem solvers.

Romance scams are another common pitfall. When an elderly person starts an online ‘relationship’ with a scammer, it often ends with the victim forking over funds to solve a problem for their purported partner.

Although slightly less common, investment scams were the most expensive type of elder fraud in 2023. With victims losing a collective total of more than $1.2 billion in 2023, some lost the bulk of their life savings.

Generally, investment scams claim that you can make money quickly or easily through the ‘investment opportunity.’ After the victim provides the funds, the scammer typically disappears. If someone is promising an investment opportunity that sounds too good to be true, it probably is.

When you spot a scam or think you’ve spotted a scam, discontinue all communication with the fraudster.

If you aren’t sure whether or not something is a scam, ask others for their opinion. If possible, ask someone, such as a child or a younger relative, for their opinion. In many cases, someone from a younger generation can help you quickly uncover a scam.

If someone isn’t available, consider calling the National Elder Fraud Hotline at 1-833-372-8311. The agents can help you determine whether or not something is a scam.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

In eastern South Dakota and the surrounding area, nearly 70% of voters picked Donald Trump during the 2024 election.

Although few regret their decision, this agriculture-based community is starting to feel financial pressure from Trump’s tariff decisions.

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“Now, I don’t know what would have been better,” Jaime Baysinger, a local waitress, told CNN, admitting that she now doubts her choice after the president’s first 100 days in office. “I was expecting a lower cost of your everyday living things.”

Some didn’t vote for Trump, and that small minority of South Dakotans were hesitant to share their opinions with CNN reporter Elle Reeve. Those interviewed expressed anxiety, fear and concern about how Trump’s actions could hurt the Alpena, South Dakota community.

Candor with a hint of caution

Farmers, residents and entrepreneurs now find themselves at a crossroads. They’re proud of their political stripes, but grow increasingly worried about how trade tensions will affect their bottom line.

Further to Baysinger’s comments, she said she was hopeful that the cost of living would not continue to increase.

“Groceries are already outrageous, and then we put the tariffs on across the seas or whatever, like China,” she said. “It just makes everything more expensive for everybody.”

Baysinger is not alone. Becky Hofer, a freight broker who votes Democrat, watched her neighbors vote for policies that will impact the community.

“The biggest thing that frustrates me is that I just feel like nobody cares right now until it affects them,” she told Reeve. “And I don’t understand how they don’t see that.”

To offset her frustration, some farmers showed patience and a laissez-faire approach.

“I think we need to let the president do what he’s doing,” cattle rancher Rod Olerud admitted. “We need to just see what’s going to happen here and give him a little latitude.”

Those who experienced Trump’s first term, and the tariffs on China in 2018, were skeptical, however. Tommy Baruth, a since-retired soybean farmer, felt the pinch firsthand.

“The export market just went right down the tubes because these countries could buy them from other places cheaper, and a lot of times those markets don’t come back,” he said, adding he thinks it’s too soon for his neighbors to open up and admit they’re wrong.

As the economic situation continues to evolve, the area will feel the pinch, regardless of whether or not South Dakotans regret who they voted for.

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Farming under pressure

Tariffs are poised to impact the American agriculture industry. But it’s not the first time they’ve bruised operations. According to the American Soybean Association (ASA), soy growers have still not fully recovered from the 2018 trade war Trump initiated with China.

“In the summer of 2018, soybeans were the prime casualty when the U.S. imposed tariffs on Chinese imports,” the ASA said in a recent press release. “China quickly responded with retaliatory tariffs, including on U.S. soybeans; a move that essentially halted soy exports to the country overnight.”

With exports halted, farmers were the first to experience the financial impact. Even with this experience, many farmers are still willing to support Trump during these renewed tariff talks.

“If it doesn’t work, then we’re going to have to try something different,” says Olerud.

Still, as farmers fail to break even, that laissez-faire approach may make it harder for them to repay loans and potentially increase reliance on government subsidies. Beyond cash flow, farmers who had been hoping to retire — or pass on the family farm to the next generation — may have to pull back on the reins.

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Washington Attorney General, Nick Brown, recently announced a lawsuit against RealPage and several landlords in the state. The lawsuit alleges that RealPage, a Texas software company that provides tools to landlords to determine rental rates and other lease terms, used sensitive data from landlords to keep rent prices artificially high.

“RealPage’s unfair practices are cheating renters and pricing families out of stable housing,” said Brown in a recent press release.

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Brown continued, “Washington is facing a housing crisis and we must respond with every available tool.”

RealPage isn’t a stranger to lawsuits. In fact, the U.S. Justice Department sued RealPage for similar reasons, including the algorithmic pricing scheme, late in 2024.

The company faces similar lawsuits in North Carolina, California, Colorado, Connecticut, Minnesota, Oregon and Tennessee.

For its part, RealPage provided K5 with a statement, refuting the claims in the suit, calling them "devoid of merit," adding its "revenue management software is purposely built to be legally compliant and has always used data legally and responsibly."

Washington’s case

Many landlords used RealPage to help determine appropriate rental prices for apartments.

According to the lawsuit, Washington property managers used this software to price out an estimated 800,000 leases in the state between 2017 and 2024.

As the AG’s investigation revealed, RealPage’s pricing software uses nonpublic, competitively sensitive market information. In general, the algorithm tended to suggest raising rents. For some renters, the suggestions led their landlords to impose steep rent increases.

Chris Vialpando, a renter in Seattle’s Lower Queen Anne neighborhood, experienced a 50% rent increase after his landlord started using RealPage to price rental units.

“I was almost homeless for a short second there because I really had to dig deep to figure out how I was going to do it,” Vialpando told K5.

His story is one of many that sparked the AG’s office to take action.

The complaint alleges that based on participating landlords and their rivals’ competitively sensitive information, these landlords were able to avoid having to compete independently to attract renters based on pricing, discounts, concessions, lease terms and other lease terms — as they would have to in a free market.

It also alleges that RealPage used this scheme and its “substantial data trove” to maintain a monopoly in the commercial revenue management software market.

Finally, the investigation found that RealPage’s rental price suggestions generally lead to higher costs for renters.

Brown’s release alleges the RealPage tool violates Washington’s Consumer Protection Act, which is designed to keep the state free of unfair and deceptive business practices.

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How price fixing impacts renters

The crux of the price-fixing scheme is the fact that landlords shared sensitive data with RealPage. In turn, landlords used the tool knowing that other landlords contributed sensitive data to the algorithm.

One potential client of RealPage said, “I always liked this product because your algorithm uses proprietary data from other subscribers to suggest rents and term. That’s classic price fixing.”

A big red flag is that the RealPage software makes it difficult for a landlord to avoid taking the software’s suggestions.

Instead, it suggests accepting the price recommendations automatically. If a landlord using the software wanted to charge a different rate, they must provide a reason to the company.

Additionally, RealPage recommended landlords enforce 13-month rental terms. This long timeline prevents too many units from hitting the market at the same time, which helps keep rent rates higher.

From a landlord’s point of view, the tool offers an opportunity to charge more for rent. But colluding with other landlords isn’t legal because it doesn’t allow for the market forces of supply and demand to settle at a reasonable and fair market rate.

As of writing, the average rent for a 699-square-foot apartment in Seattle is $2,252. Within the state, the Washington State Standard reports approximately one-third of households spend more than 30% of their household income on housing costs, making them “cost-burdened.”

Unfortunately, this pressure can put many renters into unstable housing situations that sometimes lead to homelessness.

While the impacts of artificially high rents based on RealPage recommendations initially only impacted the renters unlucky enough to have a landlord using RealPage, it’s likely the higher rents rippled out into the marketplace.

With that, these actions may have gone beyond displacing individual families to put additional pressure on housing affordability and possibly worsened the housing crisis.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Thousands of Americans experience identity theft each year — and when a bad actor starts using your information, there’s no telling what they’ll do with it.

Identity thieves put victims’ names on all sorts of fraudulent accounts, such as credit cards and loans.

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The fraud can also involve cellphone service, as one Florida man, who’s nearing his birthday, discovered earlier this year.

Mike Battista of Tarpon Springs, northwest of Tampa, was sent a cellphone bill from Verizon after someone used his information to open a new account. Even though he immediately reported the issue to the company, Verizon denied his fraud claim and still expected him to pay the bill left by the fraudster.

That’s when he reached out to a local news station for help resolving this issue.

Verizon denies Florida man’s fraud claim

Battista, a retired law enforcement officer with 28 years of experience, found an unexpected phone bill in his mailbox.

The bill, which contained his name, address and personal information, was for $198.30. It reflected the purchase of a new phone and a new phone line through Verizon.

Not only did Battista not approve this new phone line; he isn’t even a Verizon customer.

He went to the local Verizon store in Tarpon Springs to sort things out.

“They said they couldn’t do anything,” Battista said. “I had to go to a corporate store.”

At a second Verizon store, he was told no when he tried to close the account. From there, he immediately filed a fraud claim with the Pinellas County Sheriff’s Office. After submitting his police report and fraud details to Verizon, he was shocked when they denied his claim.

In a letter to Battista, Verizon said, “We are unable to substantiate your claim that this account was opened without your knowledge or consent.”

Running out of options, Battista contacted a local news channel, ABC Action News. A consumer investigative reporter, Susan El Khoury, contacted Verizon about the issue. On the next day, Battista received an email resolving the claim.

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How to protect yourself from identity theft

Identity theft can wreak havoc on your financial life. Unfortunately, reporting identity theft to a company doesn’t necessarily mean you’ll have the issue resolved. Companies don’t have a financial obligation to victims of identity theft.

But if you are impacted by identity theft, seeking recourse with the company is a valid option. In the best-case scenario, the company will not expect you to pay for purchases made by a fraudster.

However, if the company doesn’t waive your responsibility to pay for the purchases, consider reaching out to a consumer protection group, like the Federal Communications Commission (FTC) or the Consumer Financial Protection Bureau (CFPB), to file a complaint about the situation. If you want more help, even your local police station may offer guidance.

Battista’s recommendation for anyone going through a similar situation: “If something doesn’t seem right, mention it to somebody, never surrender.”

But, of course, preventing identity theft before it happens is ideal.

One way to stop fraudsters is to freeze your credit with the three credit bureaus, TransUnion, Equifax, and Experian.

“It just takes a few minutes to request to freeze your credit report, and then if you decide that you need to open new credit yourself, you can unfreeze it,” said Anna Marie Fiallos, an investigator and outreach coordinator with Pinellas County Office of Consumer Protection, to ABC Action News.

Additionally, take measures to protect your personal information. Never share details about your finances with anyone over the phone, online, or via email. If possible, shred documents with sensitive information before throwing them away.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Police in St. Claire Shores, Michigan, are warning drivers following a string of thefts of dashboard screens from select Dodge Ram trucks — a crime they say takes 30 seconds to pull off.

“It only takes a couple of screws to get the touchscreen out,” Det. Ben Leitch told Fox 2 Detroit in a story published April 7. He investigated 16 thefts in the previous two months.

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“This is definitely a crime that probably could be stopped if the manufacturer changed some security features,” Leitch noted.

So, who is affected by these thefts, and what can drivers do to protect themselves?

Who is affected by these thefts?

According to the local broadcaster, thieves are targeting touchscreens from Dodge Ram trucks manufactured between 2021 and 2025.

One victim, identified as Dave, says his truck was parked in his driveway when the theft occurred. It had been two weeks and he was still waiting for a replacement screen.

“It’s still not fixed, so we’re waiting for parts, I guess,” he told Fox 2 Detroit. “When I get it fixed, [do] I have to worry about it getting swiped again?”

He added: “I’ve never stolen from anybody and they do this. That’s what hurts.”

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Police urge drivers to park their vehicles in a garage if possible, beef up home security and report any incidents, per the broadcaster.

Dave had a message for the criminals who broke into his truck.

“You’re lowlife idiots, losers,” he said. “Get a job.”

Costs for vehicle owners

Those with comprehensive auto insurance should be able to file a claim for the type of theft described above and receive a full reimbursement after paying the deductible.

But for those without a comprehensive policy, theft generally isn’t covered, and you could be forced to pay for any repairs and replacements out of pocket. Be sure to read over the details of your policy.

Beyond the direct cost of repairs after a theft, increased thefts on certain Dodge Ram trucks could lead to indirect costs for owners. Specifically, car insurance companies might consider it riskier to insure Dodge Ram trucks due to the break-ins, which could lead to a spike in premiums. Hopefully, if it could be easily fixed by the manufacturer, as Leitch suggested, a solution will be implemented.

Drivers who face a hike in premiums, regardless of vehicle, may want to consider shopping around and potentially switch insurance companies if a better rate is found. Additionally, don’t forget to look for discounts. For example, you might tap into savings for having a safe driving record or bundling your home and auto coverage.

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The unsuspecting residents of Wildomar watched in horror as battered luxury RVs, some covered in graffiti, began to show up.

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From January to April, roughly 70 moved into a storage lot in the small city with a rural feel in Riverside County, California. Many in the quiet community were furious.

"It’s heartbreaking to see our quiet little rural town turn into a dumping ground," said Debbi Renfrow, Wildomar resident, to CBS News Los Angeles.

The fleet has since been towed away. The city took out a warrant since the owner of the RVs did not have a permit to store them there, reported ABC7. City officials said the vehicles violated local zoning regulations and fire codes, according to LA Post.

"I have not slept properly in months, and it was like Christmas arrived this morning. My husband and I literally opened the curtains to see code enforcement here, and we were like, ‘It’s like Santa’s arrived,’" said Wildomar resident Jessica Hume to ABC7. Hume had complained about the smell of human feces coming from the parked vehicles in an interview with KCAL News.

The owner of the RVs, Jack Hong Wei Qiu, told ABC7 he moved some of them to a property in San Bernardino County over the weekend, and he’s waiting to see what the cost will be to recover the ones the city towed.

Qiu isn’t a stranger to complaints. In fact, the Black Series trailers were also recently removed from the city of Industry by authorities after they attracted squatters. Several of the vehicles even caught fire at one point.

According to NBC4, several homeless people living in the vehicles in Industry claimed they paid rent to Qiu, which he denied.

Wildomar homeowners heartbroken by arrival of RVs

The saga of these Black Series RVs doesn’t start in Wildomar. Instead, they first popped onto the public’s radar back in 2024. At that point, they were parked in the city of Industry, where they attracted squatters.

The squatters reportedly wreaked havoc on the RVs and the surrounding neighborhood. Wildomar residents didn’t want their neighborhood to experience the same issues.

“I don’t want to see this turn into the city of Industry. I don’t want to see people in there and I don’t particularly want a fire, that’s the biggest scare because we are very dry out here,” Lynne Mayes, a Wildomar resident for over 40 years, said in an interview with NBC4. “We have one fire truck here, this is a small town.”

Mayes continued, “Just because we are wide open and rural, it’s not a welcome sign.”

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Homeowners bear the hidden costs

Although the residents of Wildomar didn’t witness squatters moving into the vacant RVs, the threat of a city of Industry situation repeating itself is unnerving.

When RV encampments show up in any neighborhood, the homeowners face indirect financial consequences.

First off, an ongoing presence of RV squatters in a neighborhood will likely pull property values down. After all, potential homebuyers likely don’t want to purchase a house near a volatile situation like a homeless encampment.

Beyond falling property values, homeowners may feel the need to spend more money on security. For example, they might opt to install an alarm system or build a sturdy fence to protect their property.

Additionally, homeless encampments may also lead to increased insurance premiums. After all, insurance companies price policies based on risk. Insurers might raise premiums for nearby homeowners if there is a higher risk of fire or crime in a particular area due to an encampment. Los Angeles property owners were dropped by insurance companies or saw their rates skyrocket for this reason, according to a 2019 report from NBC4.

For many homeowners, an RV squatting community showing up on their doorstep could lead to serious financial consequences. Although it’s difficult for individuals to protect their property from this risk, actively involving your local government could protect your entire community. If the local government has the right rules on the books and makes the effort to enforce those rules, squatters in RVs won’t be allowed to wreak havoc on your neighborhood’s property values.

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After undergoing a medically necessary surgery on her colon, Madeline Rogers of Zephyrhills, northeast of Tampa, was shocked to discover that she was stuck with a $150,000 bill due to a denied insurance claim.

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“I was told every time: denied. Denied. Denied," Rogers told the ABC Action News I-Team. “Somebody has got to intervene and stop what’s going on with this healthcare system.”

Receiving a bill of this magnitude could completely derail anyone’s financial future. While recovering from surgery, managing the stress of this unexpected bill is the last thing that a patient wants to deal with.

Unfortunately, medical debt isn’t a rare occurrence in America. About 20 million adults owe some level of medical debt, according to the Peterson-KFF Health System Tracker.

Insurance company denies patient’s claim

The day before heading into surgery, the hospital called to cancel because they hadn’t received the approval from the insurance company. Rogers called the insurance company for more information about the late approval.

She said, “I had spoken to the insurance company about the approval, and I was told on a recorded line, do not worry if you don’t have the authorization ahead of time. As long as the doctor deems it medically necessary, you won’t have any problems.”

Since her condition was life-threatening, Rogers decided to move forward with the surgery anyway. She paid $26,000 upfront to receive the care.

After the surgery, Rogers received a bill from the insurer indicating that they had denied the claim, and she owed $150,000 for her care. Immediately, Rogers started the appeals process. She went through two rounds of appeals and a peer-to-peer review by medical professionals without getting anywhere.

Finally, she reached out to the I-Team at ABC Action News to share her story. The I-Team reached out to the insurance company, Oscar, about the issue.

The next day, Rogers received news that her claim was approved.

“I was floored to hear from them so quickly," Rogers told the I-Team.

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What to do if an insurance company denies your claim

People in the U.S. owe a total of at least $220 billion in medical debt. Most of that burden is on individuals who owe more than $10,000 in medical debt.

If you find yourself facing a mountain of medical debt after a denied claim, start by appealing your insurance company’s decision. Patients with denied claims have the right to appeal the decision both internally and externally.

Generally, you’ll start with an internal appeal, which involves your insurance company conducting a full review of the situation. Without a resolution, you can move to an external appeal, which involves an independent third party reviewing the situation.

Another option is to negotiate the medical debt with the provider. In some cases, they might allow you to pay a lower amount to clear the debt. Many hospitals offer some level of financial aid. If you qualify for financial aid, this could relieve your medical debt burden.

When possible, start with the hospital’s billing department for guidance on your options. But if you need additional help, consider working with a medical bill advocate. Medical bill advocates can help you navigate the billing system.

In the best-case scenario, the insurer will cover the claim. But even if your insurer foots most of the bill, you’ll likely face some out-of-pocket costs surrounding a major medical event. With that, it’s helpful to build up savings in a Health Savings Account or a Flexible Spending Account to cover medical costs.

Finally, building a solid emergency fund to lean on during unexpected medical events can take some of your financial stress out of the equation.

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As of January, over 6% of auto loans were delinquent by 60 days or more, according to Fitch Ratings. With the recent trend of vehicle prices rising and car payments surging, the outbreak of delinquencies might have only been a matter of time. But this uptick offers an insight into the fact that many households are struggling in the current economic climate.

In December 2022, Kelley Blue Book data shows new car buyers paid an average of $49,958 for a new vehicle. Although the market has softened slightly since then, average car buyers are still spending an average of $49,740 to purchase a new vehicle.

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Even if a driver opts for a used car, this could still put pressure on their budget. With KBB placing the average used car price at $25,565, finding an affordable used car can easily present a challenge.

Beyond the vehicle itself, the current high interest rate environment can make financing that car expensive. Once borrowers lock in a high monthly payment, keeping up with that on top of other household expenses strains the budget. In some households, vehicle costs could push budgets to the breaking point and ultimately default on their car loan.

Understanding the surge in car loan deficits

Car loan defaults are on the rise, reaching an all-time high. Under the hood of this rising issue, many factors tie into the situation.

First off, car prices are higher than they used to be. And not only are they more expensive, average monthly payments have gone up too. In the third quarter of 2024, the average monthly payment for a new car was $737 and drivers had an average loan term of 68 months. For a used car, the average monthly payment was $520 with an average term of 67 months. In either situation, that’s a significant amount of funds to dedicate to vehicle financing each month.

Of course, some borrowers pay less than the average. But many drivers pay much more than the average. For example, Alejandra Gaxiola told WTAJ she bought her EV for $60,000 two years ago and faces a payment of almost $1,000 per month.

“Almost a thousand dollars for our car is just, you know, it’s a little crazy,” Gaxiola said to WTAJ.

In addition to the purchase costs, other vehicle-related costs are putting pressure on household budgets. Notably, car insurance costs have climbed in recent years.

Beyond car-related costs, rising housing prices and grocery bills put pressure on household budgets from multiple angles. When forced to choose between housing, groceries and a vehicle payment, drivers may opt to let their vehicle loan slide into default in order to stay afloat in other areas.

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How to manage auto loans responsibly

Typically, the best time to start responsibly managing your auto loan is before you sign on the dotted line. Instead of dealing with the budgetary fallout after you buy a vehicle, making the effort to set a realistic budget and keep your vehicle costs as low as possible upfront can save you significant trouble down the road.

One way to stay on budget is to opt for a vehicle without all of the bells and whistles. According to Kelley Blue Book, sales of vehicles priced above $80,000 have recently soared to 5.6% of car purchases. When financing a vehicle, consider making it a point to spend no more than what you need on a vehicle to suit your needs. For example, your family might only need a sedan to get around instead of a full-sized, luxury SUV. Making trade-offs upfront can protect you from financial stress later.

Although auto loan defaults are on the rise, that doesn’t necessarily mean you are in danger of default. But if you’re struggling to make ends meet while juggling a car payment, consider refinancing.

A refinance offering a combination of lower interest rates and a longer loan term could slash your monthly payment, which allows you to keep the car with less financial stress each month. However, keep in mind that means you’ll likely end up paying more for longer. Ideally, you can find some room in your budget elsewhere to afford your payments.

And if possible, consider making extra payments when you can afford it. Paying off your loan ahead of schedule can free up space in your monthly budget and potentially save you thousands in interest charges. If possible, put extra money toward your remaining balance to eliminate your car loan as soon as possible. (Just make sure you’re not incurring a prepayment penalty. You’ll want to check the terms of your loan.)

Throughout your loan, commit to making on-time payments. If you might forget about a monthly bill, consider setting up automatic payments to simplify your life. In some cases, lenders offer a rate discount when you set up autopay.

Finally, communicate with your lender when you need to. If you run into a rough patch financially, communicate that issue to your lender as soon as possible. Depending on the situation, the lender might offer you a reprieve while you get back on your feet.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.