In Second Quarter Number of Late Auto Loan Payments Increase
A recent report reveals that an increasing number of car buyers are lagging behind in their payments when it comes to repaying of auto loans.
During the second quarter , the rate of delinquency in auto loans ,when borrowers are sixty days or more behind on their payment schedules increased to 0.95%. The numbers have increased by 9% when compared to last year's data which was then at 0.87% in the same quarter. The data came from the credit bureau, TransUnion.
Along with the growing number of sales of trucks and cars this year the delinquency in loan repayments have also increased.
The increase in number of late payments this year, as compared to the second quarter last year has been noted with the hearty rise in the number of auto sales. This factor had gives a boost to auto lending even to the consumers with not so good credit prospects.
Peter Turek, automotive vice president for TransUnion said, "In fact, there are four million more auto loan accounts in the marketplace than we observed just last year. This means with more auto loans in the marketplace and a delinquency rate ticking higher, we now have several thousand more delinquent accounts than at the midpoint of 2013."
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