Auto loan balances reach highest level ever

Auto loan balances reach highest level ever

Auto loan balances reached their highest level ever in the third quarter of 2015, said Experian Automotive. That $968 billion total has grown more than 53 percent since the post-recession low in 2010.

–Continued growth in the automotive finance market is a clear sign of improved consumer confidence over the past few years,” said Melinda Zabritski, Experianês senior director of automotive finance. If [consumers] can continue to manage their financial obligations and make timely payments, the automobile industry can continue to flourish and grow for quite some time.”

More good news: in the third quarter, 30-day delinquencies dropped to 2.5 percent, from 2.7 percent a year earlier, and 60-day delinquencies dropped slightly from 0.74 percent to 0.73 percent.