Defaults are rising steadily also, people more than two months behind on cc payments and installment loans—even on autos, which unlike credit card debt, can be repossessed. The consumer is acting just like the government— maintain spending levels by borrowing money and with no real plan to pay it back. Unlike the government however, the consumer can’t print money to bail himself out as he goes. So yes, there will inevitably be a day of reckoning, and it will be painful for many.
Banks may be reluctant to repo vehicles as underwater as many purchased during the “plague” are.