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Wed May 23, 2012
Auto loan delinquency rates reach record low
Fewer Americans are falling behind on their car loan payments.
That's according to a new report from the credit agency TransUnion. They say that in the first quarter of 2012, the amount of payments 60 or more days overdue fell by 22 percent compared to the same period last year.
Those findings mark the tenth consecutive quarter that auto loan delinquency rates have declined, something that could benefit car buyers by prompting banks to make more loans.
A press release from TransUnion quoted Peter Turek, automotive vice president in the agency's financial services business unit:
"Auto loan delinquencies continue to perform exceptionally... We are seeing increases in both lending and leasing across the board, along with a higher number of loans originated in the non-prime risk segments."
Turek said that TransUnion expects delinquency rates for the rest of the year to remain low, but said that "a slight increase from this record-low level would not be surprising and should not be construed as a negative event."
-John Klein Wilson, Michigan Radio Newsroom