Have You Heard?

Category: Automotive

  • One Missed Car Payment: How Close Are You to Repossession?

    One Missed Car Payment: How Close Are You to Repossession?

    October 30, 2026 | Have You Heard? Original Consumer Explainer

    For millions of Americans, a vehicle is more than transportation. It’s how they get to work, take their children to school, shop for groceries, and keep their everyday lives moving.

    But what happens when a car payment is missed? Does the lender have to wait 30, 60, or even 90 days before sending a repossession truck?

    The answer may surprise you: Depending on your loan agreement and state law, repossession can sometimes begin after just one missed payment.

    New October Report Shows Pressure on Auto Borrowers

    On October 13, 2026, credit rating agency KBRA released its September U.S. Auto Loan ABS Indices report, highlighting weakening credit performance across prime and non-prime auto-loan portfolios.

    Among non-prime borrowers in the tracked securitized-loan index, the share of loans at least 60 days past due increased to 6.64%, up from 6.39% the previous month.

    Annualized net losses in the same non-prime index rose to 10.54%, compared with 10.13% the prior month. Those figures describe a particular segment of securitized auto loans, not every vehicle loan in America.

    The figures nevertheless offer a timely reminder that falling behind on vehicle payments can create serious financial consequences.

    Can Your Car Really Be Repossessed After One Missed Payment?

    Yes, in some circumstances.

    According to the Federal Trade Commission, many states allow a lender to repossess a vehicle once the borrower defaults on the loan, sometimes without first obtaining a court order or giving advance notice.

    What qualifies as default depends on the financing agreement and applicable state law. Some contracts treat a missed payment as default immediately, while others provide additional protections or procedures.

    That does not mean every lender automatically orders a repossession after one late payment. Many lenders may consider repayment arrangements, but consumers should never assume they have a guaranteed 30-day grace period.

    Late Fees, Credit Reporting, and Repossession Are Different

    Three separate issues often get confused when a car payment is late:

    • Late fees: Your contract and state law determine when a fee may be charged and whether a grace period applies.
    • Credit reporting: A lender’s reporting practices determine when delinquency appears on your credit history, subject to applicable reporting rules.
    • Repossession: Your contract’s default provisions and state law determine when the lender may legally recover the vehicle.

    A grace period for late fees does not automatically guarantee protection against repossession. Review the exact terms of your agreement.

    Why Some Lenders Would Rather Work Out a Payment Plan

    Repossession can be expensive. Recovering a vehicle, transporting it, storing it, and preparing it for resale can create additional costs.

    For that reason, some lenders may prefer a realistic repayment arrangement when they believe a borrower can recover financially. But there is no universal obligation to offer one.

    The Consumer Financial Protection Bureau advises borrowers who expect payment difficulties to contact their loan servicer promptly and ask about possible changes to the due date, payment plans, or temporary payment relief.

    Five Steps to Take Before Your Car Is Repossessed

    1. Contact Your Lender Immediately

    Don’t wait for multiple missed payments. Explain your situation, ask about available assistance, and find out whether your account is already in default.

    2. Ask About a Payment Arrangement

    Depending on the lender, possible options may include changing the payment due date, making up missed payments through an agreed plan, or temporarily deferring payments. Ask how fees and interest will be affected.

    3. Get Every Agreement in Writing

    If a representative promises extra time, request written confirmation that clearly states the new payment terms and whether repossession activity has been suspended.

    4. Review Your Loan Contract and State Law

    Look for sections labeled default, right to cure, repossession, grace period, and acceleration. Your state may provide protections beyond the language in your contract.

    5. Evaluate Alternatives Before the Situation Escalates

    Depending on your finances and the vehicle’s value, refinancing, selling the vehicle with the lender’s cooperation, or seeking nonprofit credit counseling may be worth exploring. Compare the costs carefully before agreeing to new financing.

    What Repossession Agents Cannot Do

    Even when a lender has the legal right to repossess a vehicle, the recovery must comply with applicable laws.

    Under state-law protections commonly described as prohibiting a breach of the peace, repossession agents generally cannot use violence, threaten physical force, or unlawfully enter a secured garage.

    The specific rules vary by state. If a repossession is underway, prioritize personal safety rather than physically confronting the agent.

    You Could Still Owe Money After Losing the Car

    One of the most misunderstood parts of repossession is what happens after the vehicle is taken.

    Suppose a borrower owes $18,000 on a car. After repossession, the lender sells it for $13,000.

    That leaves a potential $5,000 deficiency before applicable repossession expenses or other adjustments. Depending on state law and whether the lender followed the required procedures, the borrower may still owe that amount.

    Conversely, if a vehicle sells for more than the debt and allowable expenses, the borrower may be entitled to the surplus.

    What About Your Belongings Inside the Car?

    Personal belongings generally are treated differently from the vehicle itself. If your car has already been repossessed, contact the lender or recovery company promptly to arrange retrieval and document what was inside.

    State rules may establish specific deadlines and procedures for recovering personal property.

    The Bottom Line

    New auto-loan performance figures show why payment stress remains an important consumer issue. But there is no single nationwide rule requiring lenders to wait a fixed number of days before repossessing a vehicle.

    Have You Heard? Bottom Line: If you know a car payment will be late, the best time to act is before the due date passes. Contact your lender, understand your contract, and get any repayment agreement in writing.

    Sources and Further Reading

    Have You Heard? independently prepared this consumer explainer using public financial data and government guidance. Repossession laws vary by state, and this article is not individualized legal or financial advice.

  • Is Your Car Secretly Reporting on You? GM’s $220 Million Privacy Settlement Raises New Questions

    Is Your Car Secretly Reporting on You? GM’s $220 Million Privacy Settlement Raises New Questions

    October 29, 2026 | Have You Heard? Original Consumer Report

    Your car knows where you go. Depending on its technology and settings, it may also know when you drive, how quickly you accelerate, how sharply you brake, and whether you exceed the speed limit.

    But here’s the bigger question: Who else gets to see that information?

    That question took center stage Thursday after General Motors agreed to pay $220 million to resolve a multistate investigation into allegations that the automaker sold consumers’ driving behavior and location data to third parties without appropriate consent.

    What Happened With General Motors?

    On October 29, a bipartisan coalition of 36 state attorneys general announced a $220 million settlement with GM involving its former Smart Driver program.

    According to the Ohio Attorney General’s Office, millions of drivers were enrolled in Smart Driver between 2016 and 2024. The program was promoted as a way for motorists to better understand and improve their driving habits.

    State investigators alleged that GM sold driving information to data brokers, which then supplied it to insurance companies. Those insurers could use the information when determining premiums.

    GM discontinued Smart Driver in 2024. In a statement reported by Reuters, the company said the settlement reinforces improvements to its privacy practices and its commitment to clearer customer choices.

    Ohio Will Receive More Than $8 Million

    Ohio Attorney General Andy Wilson announced that Ohio will receive $8,076,105 through the agreement.

    The settlement also requires GM to obtain express consent before collecting or disclosing covered driving and location information, limit its data collection, and strengthen privacy protections and dealership oversight.

    The settlement payment goes to participating states; it should not be mistaken for an automatic refund to every GM owner.

    What Information Can a Connected Car Collect?

    Modern connected vehicles can generate a detailed digital record of everyday travel. Depending on the manufacturer, model, services, and privacy settings, information may include:

    • Trip starting and ending times
    • Vehicle location and travel routes
    • Speeding events
    • Sudden braking and rapid acceleration
    • Distance driven and vehicle usage
    • Vehicle diagnostics and connected-service activity

    Some of this information supports useful features, including navigation, maintenance alerts, emergency assistance, and voluntary insurance-discount programs. The privacy issue arises when drivers do not clearly understand what is being collected, who receives it, and how it may be used.

    Could Your Driving Data Affect Insurance Rates?

    Potentially, yes. Insurance companies sometimes use telematics information to evaluate driving behavior. In voluntary programs, drivers may agree to share information in exchange for a possible discount.

    But the GM investigation raised a different concern: regulators alleged that consumers’ information reached insurance-related data brokers without the meaningful permission drivers expected.

    Not every connected car shares information in the same way, and owning a connected vehicle does not automatically mean your insurer is monitoring you. The details depend on the services, agreements, and data-sharing practices involved.

    Five Things Drivers Can Do Right Now

    1. Review Your Vehicle’s Privacy Settings

    Open your manufacturer’s vehicle app or connected-services account. Look for options concerning driving behavior, analytics, location sharing, and third-party data sharing.

    2. Check What You Agreed To

    Review the permissions associated with connected-car services, including programs activated when you purchased the vehicle. Ask the manufacturer or dealership to clarify any unfamiliar enrollment.

    3. Ask About Access and Deletion

    Check whether your automaker offers a way to request a copy of your personal information, limit certain uses, or request deletion. Available rights vary by state and service.

    4. Examine Insurance Telematics Programs

    Before joining a driving-monitoring discount program, find out what data is collected, how long it is retained, and whether the information could affect your premium.

    5. Ask Questions Before Buying Your Next Car

    When shopping for a vehicle, ask which connected services are optional, which are necessary for safety features, and how to control data sharing. Turning off certain services may disable useful functions, so understand the tradeoffs before changing settings.

    The Bigger Question: Who Controls the Data?

    Connected-car technology can make driving more convenient and safer. But the GM settlement illustrates why transparency and meaningful consent matter as vehicles become increasingly software-driven.

    A driver may agree to receive maintenance reminders or emergency assistance without expecting detailed driving records to influence an insurance decision.

    The real issue isn’t whether vehicles should have advanced technology. It’s whether consumers understand and control how that technology uses their personal information.

    Have You Heard? Bottom Line: Your vehicle may be collecting more information than you realize. Review your connected-car privacy settings, understand what you’ve authorized, and ask who can access your driving history.

    Sources and Further Reading

    Have You Heard? independently prepared this consumer explainer using public enforcement announcements and reporting. It does not represent a firsthand investigation into individual vehicles or insurance records.

  • Are Young Americans Giving Up on Owning Cars? The Rising Cost of Driving in 2026

    Are Young Americans Giving Up on Owning Cars? The Rising Cost of Driving in 2026

    October 26, 2026 | Have You Heard? — Automotive & Personal Finance

    For generations, owning a car represented freedom, independence and adulthood in America. But for some younger adults, financial freedom may now mean something very different: not owning a vehicle at all.

    Recent reporting has highlighted young Americans who are reconsidering car payments, insurance bills and maintenance costs in favor of public transportation, bicycles and occasional rideshare trips.

    The question is no longer simply whether young Americans want to drive. It’s whether they can justify the total cost of keeping a vehicle on the road.

    Car Ownership Is Becoming an Expensive Commitment

    According to AAA’s 2026 Your Driving Costs analysis, the estimated average annual cost of owning and operating a new vehicle reached $12,863, approximately $1,072 per month.

    That calculation considers more than monthly financing payments. It includes depreciation, fuel, maintenance, repairs, tires, registration, taxes and finance charges.

    AAA’s analysis assumes five years of ownership and 75,000 miles of driving. Individual expenses can vary substantially depending on the vehicle, location and driving habits.

    Are Younger Americans Actually Giving Up Their Cars?

    Recent reporting citing Federal Reserve data indicates that vehicle ownership among households under age 35 declined from 82.1% in 2019 to 79.4% in 2025.

    That represents a decline of 2.7 percentage points, not the disappearance of car ownership among younger Americans. Most households in this age group still own vehicles.

    Nevertheless, the decline raises questions about affordability, changing priorities and the role automobiles will play in the next generation’s financial decisions.

    Insurance Is Adding More Financial Pressure

    Car insurance is another expense affecting household budgets.

    Jerry’s 2026 State of the American Driver report found that 52% of surveyed drivers had reduced spending in at least one household category to afford car insurance.

    Among respondents, 19% reported cutting grocery spending, while 14% reduced or paused retirement savings or investments.

    These findings reflect financial pressure across age groups, rather than exclusively among Gen Z drivers.

    What Are Young Americans Using Instead of Cars?

    Giving up personal vehicle ownership does not necessarily mean giving up convenient transportation. Some younger Americans are turning to alternatives that allow them to travel without the ongoing financial responsibilities of maintaining a car.

    Instead of relying on a single transportation method, some people combine several options depending on their daily needs, location and budget.

    1. Public Transportation

    City buses, subways, commuter trains and light-rail systems offer alternatives to daily driving. Monthly transit passes can provide predictable transportation expenses without vehicle payments, parking fees or maintenance bills.

    2. Uber, Lyft and Other Rideshare Services

    Rideshare services allow passengers to request transportation through smartphone applications. For people who travel occasionally, paying for individual trips may cost less than maintaining a personal vehicle.

    However, frequent rideshare use can become expensive, particularly during peak demand or for longer commutes.

    3. Electric Bicycles and Scooters

    Electric bicycles and scooters provide alternatives for shorter commutes, neighborhood errands and trips to public transit stations.

    These options may reduce transportation costs, although weather, road safety, charging access and local regulations can limit their usefulness.

    4. Car-Sharing Services

    Car-sharing services allow members to reserve vehicles for short periods, sometimes by the hour or day. This can be useful for grocery shopping, medical appointments or trips that require a vehicle.

    Users should compare membership fees, rental charges, mileage limits and insurance terms before deciding whether car-sharing offers meaningful savings.

    5. Traditional Rental Cars

    Some people who do not own vehicles rent cars for vacations, weekend travel or occasional longer journeys.

    Renting only when necessary can eliminate many year-round ownership expenses, although rental prices and availability vary.

    6. Walking, Cycling and Living Closer to Work

    In walkable neighborhoods, residents may be able to reach grocery stores, restaurants, schools and workplaces without driving.

    Others choose housing near public transportation or employment centers to reduce their dependence on personal vehicles.

    However, higher housing costs in convenient neighborhoods can offset some transportation savings.

    Can These Alternatives Really Replace Owning a Car?

    That depends heavily on where someone lives.

    In major cities with reliable public transportation, living without a personal vehicle can be practical. In suburban and rural communities, the same decision may be considerably more difficult.

    Workers who commute long distances, transport equipment or maintain unpredictable schedules may still depend heavily on personal vehicles.

    The financial comparison also matters. A person spending hundreds of dollars each month on rideshare trips may discover that owning an affordable used vehicle is more economical.

    Ultimately, the most practical transportation choice depends on income, geography, employment, household responsibilities and available alternatives.

    Some Young Drivers Are Choosing Older Vehicles Instead

    Giving up on expensive new vehicles does not necessarily mean giving up driving altogether.

    Recent reporting has examined younger Americans who are embracing affordable older vehicles, including models from the late 1990s and early 2000s.

    For some buyers, an older vehicle purchased outright can eliminate a large monthly loan payment. However, repairs, safety features, reliability and insurance costs still deserve careful consideration.

    What Does This Mean for the Auto Industry?

    If younger consumers continue delaying new-car purchases, manufacturers may face pressure to offer more affordable models and flexible transportation options.

    However, a decline in ownership among one age group does not establish that Americans as a whole are abandoning automobiles.

    Some young adults may simply be postponing purchases until their incomes rise, their living situations change or they find vehicles that fit their budgets.

    The Bigger Question: Is a Car Still a Symbol of Freedom?

    For previous generations, having a car often meant the freedom to travel wherever and whenever they wanted.

    For some younger Americans today, avoiding years of payments and recurring ownership expenses may offer another kind of freedom: more flexibility in their monthly budgets.

    Neither choice is universally better. Transportation needs vary by income, geography, employment and family responsibilities.

    The HYH Takeaway: The automobile is not disappearing from American life. But the rising cost of owning one is changing how younger generations evaluate whether they need one.

    Have You Heard? We Want Your Opinion

    Would you consider giving up your vehicle if it meant saving hundreds of dollars every month? Or is having your own car something you would never sacrifice?

    Share your thoughts, and explore more automotive, financial and consumer news at Have You Heard?

    Sources and Further Reading

  • Audi Announces $4 Billion Georgia Factory, Plans 4,500 New Jobs

    Audi Announces $4 Billion Georgia Factory, Plans 4,500 New Jobs

    October 25, 2026 | Have You Heard? Newsroom

    German luxury automaker Audi has announced plans for its first U.S. manufacturing facility, a proposed $4 billion investment in Georgia expected to create approximately 4,500 jobs. The project could become a major addition to America’s automotive manufacturing industry, although final corporate approval remains outstanding.

    Audi Chooses Georgia for Its First American Factory

    On October 24, 2026, Georgia Governor Brian Kemp and Audi CEO Gernot Döllner announced plans for a new manufacturing facility at the Middle Georgia Megasite in Peach County, near Macon.

    Audi cited Georgia’s skilled workforce, automotive supplier network, transportation infrastructure and access to American consumers as important factors in selecting the location.

    $4 Billion Investment Could Create 4,500 Jobs

    The proposed investment is expected to create approximately 4,500 direct manufacturing jobs. Additional economic opportunities could emerge for suppliers, logistics providers and local businesses.

    Georgia Quick Start and the Technical College System of Georgia are expected to help develop specialized workforce training programs. Specific hiring dates and individual job openings have not yet been announced.

    Watch: Audi’s Georgia Factory Announcement

    Watch Fox Business coverage of the October 24 announcement, including the proposed investment and its potential impact on American manufacturing.

    ▶ WATCH AUDI FACTORY ANNOUNCEMENT

    Video: Fox Business, October 24, 2026. Opens on the publisher’s website.

    When Will Audi’s Georgia Factory Open?

    Georgia officials have outlined the following preliminary development schedule:

    • 2027: Site grading is expected to begin.
    • 2028: Construction of the manufacturing facility is planned.
    • 2031: Full production is targeted.

    Audi describes production as beginning in the early 2030s. These dates are projections and may change as the project advances.

    What Vehicles Will Audi Manufacture?

    The planned factory would focus on premium sport utility vehicles designed for North American customers. Its projected annual manufacturing capacity is up to 200,000 vehicles.

    Reuters reports that the Audi Q7, Q8 and Q9 are expected to be among the models assembled at the facility, citing a U.S. official. Audi has not confirmed the complete production lineup in its official announcement.

    Why Audi Wants to Manufacture Vehicles in America

    Audi views the United States as an important market for its future growth. Establishing a domestic production facility could help the automaker manufacture vehicles closer to American customers, strengthen its supply chain and reduce exposure to currency fluctuations and international trade risks.

    The announcement also arrives during a national debate over automotive tariffs. President Donald Trump highlighted the investment during an October 24 campaign rally in Georgia and credited his trade policies. Critics of tariffs argue that import duties can increase costs for manufacturers and consumers. The relative influence of tariffs on Audi’s investment decision has not been independently established.

    Is Audi’s $4 Billion Factory Officially Approved?

    Not yet. On October 25, Volkswagen Group, Audi’s parent company, confirmed that the decision to build the new American factory remains subject to approval by the relevant corporate committees.

    That means the investment, construction schedule, employment projections and production targets should be understood as announced plans rather than completed commitments.

    What Happens Next?

    The next major milestones include final corporate approval, site preparation, construction planning, workforce recruitment and confirmation of the vehicles to be manufactured in Georgia.

    If completed as proposed, the factory could bring thousands of new jobs to Middle Georgia while expanding Audi’s manufacturing presence in the United States.

    Have You Heard? will continue following this developing story as additional details become available.

    Sources

    Source: Audi — Official Factory Announcement, October 25, 2026

    Source: Georgia Governor’s Office — October 24, 2026

    Source: Georgia Department of Economic Development

    Source: Volkswagen Group — Factory Approval Status

    Source: Reuters — Audi Manufacturing Investment Coverage

  • SEMA Show 2026: The Custom Cars, New Tech and Reveals to Watch

    SEMA Show 2026: The Custom Cars, New Tech and Reveals to Watch

    LAS VEGAS, Nevada — Some of the most eye-catching vehicles and emerging automotive products will take center stage in Las Vegas this November as the 2026 SEMA Show brings together automakers, builders, aftermarket brands, and industry professionals.

    Scheduled for November 3–6 at the Las Vegas Convention Center, the annual event is a showcase for custom vehicles, performance upgrades, automotive technology, and products designed to change how people personalize, maintain, and experience their vehicles.

    For car enthusiasts, the attraction is obvious: unusual builds, powerful machines, fresh designs, and new equipment. But the show also raises a broader question for everyday drivers: What trends emerging in the automotive aftermarket could eventually make their way onto the road?

    More Than a Show Full of Custom Cars

    SEMA is a major business event for the specialty automotive equipment industry. Exhibitors showcase products and innovations spanning performance parts, vehicle accessories, customization, trucks, off-road equipment, and powersports.

    The official event program also features educational sessions and opportunities for businesses to connect with buyers and industry professionals. That makes the show more than a visual spectacle: it is also a place where companies introduce products and compete for attention in a crowded automotive marketplace.

    For consumers, the interesting question is not simply which vehicle looks the most impressive. It is which new ideas offer meaningful improvements in performance, utility, design, convenience, or the ownership experience.

    New Products Could Be a Major Storyline

    SEMA’s New Products Showcase highlights products from across the automotive aftermarket. The showcase offers a way to discover equipment, accessories, and technologies introduced by participating companies.

    That creates several potential storylines: tools intended to make repairs easier, accessories designed for specific vehicle owners, performance equipment, and products aimed at drivers who spend time outdoors or travel off-road.

    Not every new product will become popular, and a product debut is not proof that it is better than existing alternatives. Still, these launches can offer a useful look at what manufacturers believe customers may want next.

    Custom Builds Take Center Stage

    One of SEMA’s enduring attractions is the creativity of its vehicle builders. Cars and trucks become rolling demonstrations of engineering, craftsmanship, styling, and personal expression.

    The 2026 program includes vehicle unveilings and the SEMA Battle of the Builders competition. The competition puts builders and their creations in the spotlight, giving enthusiasts another reason to follow the show beyond individual product announcements.

    For HYH readers, the appeal goes beyond horsepower or appearance. These builds can also illustrate how owners transform ordinary vehicle platforms into highly specialized machines—and how far customization can go when design and fabrication meet.

    SEMA Fest Adds Music and Automotive Entertainment

    The event extends beyond the convention floor. SEMA Fest is scheduled for Friday, November 6, with music and automotive entertainment included in the program.

    The combination of cars, live music, and automotive demonstrations gives the event a broader car-culture angle. It also provides a way for fans to connect with the automotive scene outside the traditional trade-show setting.

    Can the Public Attend the SEMA Show?

    There is an important distinction for anyone planning a visit. The main SEMA Show is a trade-only event, with public access offered on Friday, November 6, subject to the event’s admission requirements.

    Anyone considering attending should check the official registration and ticket information before making travel plans. Access rules and registration requirements may differ between the trade show and related public events.

    What Drivers Should Watch For

    The most useful takeaways from SEMA may not necessarily be the most expensive builds or the loudest reveals. Drivers may want to watch for practical accessories, maintenance tools, safety-related technology, and products that solve everyday problems.

    Enthusiasts, meanwhile, will be looking for standout builds, new performance equipment, off-road innovations, and designs that push the boundaries of vehicle customization.

    As the event approaches, manufacturers are publishing announcements about planned products and appearances. Those announcements can help readers identify developments worth watching, although company claims should be distinguished from independently tested performance or consumer results.

    Why SEMA Matters Beyond Las Vegas

    SEMA offers a snapshot of an industry built around how people use, improve, personalize, and enjoy vehicles. Some products are aimed at professional shops and dedicated enthusiasts; others may eventually reach a much wider audience through retailers and service providers.

    The key will be separating eye-catching concepts from practical innovations that deliver real value. That is where the most useful stories may emerge—not just what is being unveiled, but what it could mean for drivers, vehicle owners, and the future of automotive customization.

    Have You Heard? will be watching developments leading into the 2026 SEMA Show, including notable vehicle reveals, new-product announcements, and the trends that may matter beyond the convention floor.

    Sources and Further Reading

    Editorial note: Event dates, program details, and public-access information are based on official SEMA materials. Product announcements and company claims should not be interpreted as independent testing or endorsements.