Auto loan delinquencies in the fourth quarter hit their highest level since the financial crisis, a report out Thursday revealed.
About $23.27 billion in loans were 30 days or more late as of Dec. 31 — a whopping 14 percent increase from the year earlier and the most since the $23.46 billion in the third quarter of 2008, according to the New York Federal Reserve.
Delinquencies have moved up as the credit quality of the loans has deteriorated and the length of the auto loans has increased — sometimes to 84 months. [...] Delinquencies are the canary in the coal mine when it comes to losses for carmakers.
[...] The average monthly car payment in the fourth quarter rose above $500 for the first time, according to the credit-rating agency Experian.
(Score: 1, Informative) by Anonymous Coward on Saturday February 18 2017, @05:07PM
The point is not jobs, the point is WELL PAYING jobs.
If you don't have a job that pays well, how do you expect people to be able to repay the loan the system forced them to get in the first place because they couldn't pay for the car outright? And did I mention they got the loan because the bank manager needed to hit his quota for the month?