Posted 10/24/2023, 4:43:00 PM
Car Loan Delinquencies Reach Highest Rate in Decades as Economy Shows Signs of Slowing
- Americans struggling to keep up with car payments at highest rate in decades as economy shows signs of tightening
- 6.11% of subprime borrowers more than 60 days past due on auto loans in September, highest delinquency rate in Fitch's nearly 30 years of data
- Borrowing costs ticked up for car owners as Fed hiked rates to rein in inflation without slowing economy into recession
- Auto loan delinquencies cited by investor Bill Gross in predicting U.S. would face recession in 4th quarter
- Delinquency rate hit record high in subprime borrowers, indicating economy slowing significantly