Posted 11/29/2023, 7:39:56 PM
Auto Loan Delinquencies Hit 26-Year High as Prices and Rates Strain Borrowers
- Delinquency rates on auto loans highest since 1996, with subprime borrowers struggling the most
- Lingering high vehicle prices and interest rates making monthly payments unaffordable
- Over 6% of subprime borrowers 60+ days past due on loans in September 2022
- Repossessions slightly up, to 1.5% of secured loans
- Tips to avoid delinquency communicate with lender, request modification, pay off loan, sell car, refinance, or surrender vehicle