Delinquencies rise for 30, 60-day loans, says Experian
Thirty-day auto loan delinquencies grew 3.7 percent and 60-day delinquencies jumped 8.6 percent from a year ago, Experian Automotive found.
While we have observed a rise in delinquencies over the past few quarters, it was to be expected due to the growth in subprime loans, said Melinda Zabritski, Experianês senior director of automotive credit. As long as consumers continue to do a good job making their auto loans payments on time and lenders keep a close eye of how rates fluctuate year over year, the industry should remain relatively stable.
Counted among the states, consumers in DC had the second highest delinquency rate for 30-day loans and the highest for 60-day loans.
Experianês study also found that super-prime loans accounted for 20.6 percent of total loans in the third quarter, up from 20.26 percent a year ago. At the opposite end, deep subprime grew from 3.57 percent to 3.84 percent.Download Bulletin PDF