60-day delinquencies up on auto loans
More consumers are falling behind on their auto loans, a new report from Experian finds. Though 30-day delinquencies are down, 60-day delinquencies grew from 0.72 percent to 0.77 percent in the past year.
Finance companies hold nearly 45 percent of the loan balances, followed by banks, captives and credit unions.
Given that weêve seen an increase in loans to subprime and deep subprime consumers, itês natural to see a slight uptick, said Melinda Zabritski, senior director of automotive finance for Experian. Although not yet a cause for concern, the industry should keep an eye on this metric to see how it trends in the quarters to come.Download Bulletin PDF