New York Fed: Auto Loan Delinquencies at Highest Levels Since the Financial Crisis

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New York Fed: Auto Loan Delinquencies at Highest Levels Since the Financial Crisis

Feb, 22nd 2017

More Americans fell behind on their car loan payments in the fourth quarter, bringing auto delinquencies to their highest since the height of the financial crisis, Federal Reserve Bank of New York data released on Thursday showed.

Car loans delinquent by 30 days or more grew to $23.27 billion, the most since $23.46 billion in the third quarter of 2008. They were up from $22.98 billion in the prior quarter.

Seriously delinquent auto loans whose payments were 90 days or more past due jumped to $8.24 billion in the fourth quarter, the highest since the third quarter of 2016, according to the survey.

Delinquency is a predictor on possible losses for auto lenders or carmakers' captive financiers, which often make low interest loans to attract buyers.

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