It appears so. According to Experian, after several quarters of consecutive year-over-year declines, delinquency rates ticked up in the fourth quarter of 2013 to the highest level in years. Total outstanding auto loans amounted to $873 billion in the fourth quarter of last year.
In the fourth quarter last year, 2.18% were 30 to 59 days delinquent, 0.56% were 60-89 days delinquent, and 0.24% were 90 to 180 days delinquent. These are the highest delinquency rates since 2011.
The sharp increase in delinquencies does not reflect well on the American consumers’ ability to budget their money or the economy as a whole, especially since going delinquent on a car loan quickly means “no car”.
For the entire article, read here: https://blog.credit.com/2014/02/auto-loan-delinquencies-increased-at-years-end-76299/
If you, or someone you know, is delinquent on the auto loans or has recently had an automobile repossessed, schedule a consult with an experienced debt settlement attorney to explore possible ways to rid yourself of excess debt.
Kevin Fallon McCarthy
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