Overall, less than 1 percent of all auto loans are more than two months behind, well below the historical average. Still, the uptick adds to concerns Americans may be showing signs of struggling financially.
A growing number of borrowers with auto loans are failing to make their monthly payments, according to a new report from Experian.
"The percentage of delinquencies has trended upward within the last few years," said Melinda Zabritski, senior director of automotive financial solutions for Experian."But it is worth noting, the percentages are still well below the high-water mark set in 2009." Zabritski says the data is worth watching, but not yet to the point of serious concern."It's only natural to see an uptick in automotive delinquent loan volume. It's important to view these trends within the larger industry context," she said.
The automotive web site Edmunds says the average transaction price for a new vehicle, what consumers actually paid dealers, in December hit an all-time high of $37,260, an increase of $6,598 compared with the same time in 2010. As a result of the higher prices, the average new vehicle auto loan in the fourth quarter climbed more than $600 to $31,722, according to Experian.
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