More young Americans are late paying their car loans, approaching levels not seen since the Great Recession. More than 4.5% of borrowers under 30 transitioned into serious delinquency last quarter – meaning they were at least 90 days late.
More young Americans are late paying their car loans – approaching levels not seen since the Great Recession, according to a report from theIn the last quarter, 4.6% of borrowers under 30 transitioned into serious delinquency – meaning they were at least 90 days overdue on an auto loan payment. This figure is up from a year ago and is the highest percentage since the tail end of the Great Recession in 2009, when it was 4.7%.
Across all ages, the number of new auto loans and leases totaled $162 billion last quarter, down from last year, but an increase from the volume before the pandemic. Of all borrowers, 2.3% were at least 90 days overdue on making their auto loan payments.The highest rate of serious delinquency was observed among younger Americans.
The Fed has been increasing interest rates in an effort by the Fed to cool down inflation. That's contributed to new car prices
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