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: 2) by mcgrew on Saturday February 18 2017, @07:40PM
I'd mod you up if you weren't already at 5. Buying a new car is stupid unless you have insane amounts of cash, and can pay cash from your walking change for it.
I buy cars that are 5-10 years old and drive them until they fall apart. Full coverage insurance is damned expensive. If I wrap that old car around a tree, I just buy another one.
But as to Japanese cars, I do NOT trust Japanese air bags (or Ford tires or gas tank placement).
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