“Car Repos are exploding because used car prices are exploding. Miss your payment by one day, and in the past the finance company would probably let it slide or penalize you a few bucks.”
You have it backwards. I suggest you to read the article.
I tried reading the full article, but I have to be a Barron's subscriber to see all of it.
Perhaps you have some insight?
My point being, and I don't think you can dispute this part, is that with used car prices exploding, the value of a used car is higher than normal and a finance company doesn't stand to lose any money by repossessing a vehicle and selling it on the wholesale market.
In past recessions, the value of used vehicles plummeted which meant that a repossession would more likely lose money for the finance company.