According to Experian Automotive, auto balance loans hit a record high at the end of 2013. The total outstanding auto loan balance in the fourth quarter of 2013 was $798.5 billion.
Approximately 2.63% of outstanding auto loans are 30 days past due. Lenders are reaching out to nonprime, subprime, and deep subprime. Last quarter, those credit segments rose to 36.2% of all auto loans.
For the entire article, please read: https://blog.credit.com/2014/03/auto-loan-balances-reach-record-high-77454/
If you or someone you know are having troubles paying on an auto loan and face repossession, encourage them to schedule a free consultation with a debt settlement attorney experienced as we are in these matters.
Kevin Fallon McCarthy
Latest posts by Kevin Fallon McCarthy (see all)
- Different Ways to Get Out of Debt - January 22, 2019
- Public Servants’ Second Chance at Federal Student Loan Forgiveness - April 10, 2018
- CREDIT CARD LOSS FOR SMALL BANKS AT AN EIGHT YEAR HIGH - March 22, 2018
- Rise of the Jumbo Student Loans - March 17, 2018
- Credit Card Market: Now and Then - February 23, 2018