As lenders are getting more flexible with auto loan terms and approving more sub-prime auto loans, repossession rates are surprisingly dropping.
According to Experian Automotive, the repossession rate in the fourth quarter of last year dropped 28 percent. Though there was a slight increase in delinquencies during that same time, this statistic shows that car buyers are making their payments on time, even if they had subpar credit or no credit prior to getting the auto loan.
Hopefully the repossession rate will continue to drop. Many people with challenged credit are in need of another chance to rebuild their credit history, and one of the best ways to re-establish credit is with an auto loan. When lenders see that consumers are less likely to fall behind on their payments and go through repossession, they will be more willing to take a chance on someone with challenged credit.
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Car buyers in the New York City area should be more careful when searching for an auto loan. A new study shows they could be paying higher interest rates and loan payments than car buyers in other parts of the country.
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