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.Download Bulletin PDF