The cost of owning a car keeps rising:
Consumer
A growing cascade of financial pressures around owning a car are squeezing already strained consumers, including lenders who have limited borrowers ability to finance a car, rising insurance rates and car prices that remain well above pre-pandemic levels. Following the recent turmoil in the banking industry, lenders have become increasingly cautious over who they will loan money to with the rejection rate for car loans rising to 9.1% in February, the highest since 2017,
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