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Ally Financial Inc. is closely monitoring borrowers who purchased expensive vehicles in 2022 and are now struggling with high monthly payments. CFO Russ Hutchinson noted that many consumers bought cars during a period of elevated used-auto prices, unaware of the impending inflation impact. Although these borrowers remain employed, they face significant financial strain from both loan payments and rising car ownership costs.
Russ Hutchinson
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rising loan payments strain auto borrowers from 2022 car purchases
18:51 07.11.2024
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