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Tue May 31, 2011
First quarter late payments on auto loans lowest since 1999
Late payments on auto loans hit their lowest level since 1999 in the first quarter, providing more data that shows consumers have gotten a handle on their debt.
TransUnion said the rate of payments that are 60 days or more past due reached its lowest point since the credit reporting agency began tracking the figure, dropping to 0.49 percent.
The improvement from 0.66 percent a year ago reflects the stronger auto sales market, which is being fed by higher consumer confidence and low interest rates, says Peter Turek of TransUnion. The number of auto loans started during the quarter rose 22 percent from the prior year.
TransUnion expects late payments to continue to drop this year.