A new report from Experian Automotive shows that Americans are maintaining and even improving on keeping up with their auto loan payments.
In the second quarter of 2013, only 0.36 percent of vehicles were repossessed for non-payment, a 14.8 percent drop from the first quarter’s rate of 0.43 percent. 30-day late payments are also steadily dropping, and in the second quarter of 2013, 30-day late payments hit their lowest number since 2006 when Experian Automotive began following delinquencies and repossessions.
Interestingly enough, over a third of open vehicle loans in the second quarter of 2013 consisted of nonprime, subprime, and deep-subprime loans. One might expect that with so many subprime lenders there would be more delinquencies and repossessions, but Experian’s statistics from the second quarter tell a completely different story. For this reason, banks and lending institutions are more willing than ever to approve auto loans for consumers with subprime and deep-subprime credit.
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