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Americans Struggle to Pay Auto Loans

posted by mrpg on Saturday February 18 2017, @10:01AM   Printer-friendly
from the dude-where's-my-bicycle dept.

Phoenix666 writes:

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.

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  • (Score: 2) by bob_super on Saturday February 18 2017, @05:56PM

    by bob_super (1357) on Saturday February 18 2017, @05:56PM (#468652)

    Dear Prez whose businesses need lots of loans, if you could get rid of that costly stress test thing, that'd be greeaaat!

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