Consumers unquestionably made more timely auto loan payments in the second quarter (Q2) of 2012, recent data from Experian showed.
According to Experian, delinquencies on auto loans dropped across all lending organizations in Q2. This includes banks, captive finance arms, finance companies and credit unions.
?Consumers continue to do an excellent job of paying back their vehicle loans in a timely fashion, and that?s good news for everyone in the industry,? Melinda Zabritski, director of automotive lending for Experian Automotive, said in a statement.
The 30-day auto loan delinquency rate came in at 2.52 percent in Q2, a drop from 2.59 percent in a year earlier in Q2 2011. In addition, the 60-day auto loan delinquency came in at 0.58 percent in Q2, also a drop from Q2 2011 ? when 0.60 percent were 60-days delinquent.
?Both 30- and 60-day delinquencies are at historic lows, and the percentage of money at risk has dropped as well,? Zabritski said. ?This gives lenders needed stability, which filters through the auto industry to consumers in the form of easier-to-obtain loans.?
Vehicle repossessions also declined in the latest data. Repossessions registered at 0.43 percent in Q2, a significant (27.9 percent) drop from 0.59 percent a year earlier in Q2 2011.
Additionally, the total auto loan balance (for all types of lenders) rose year-over-year to $682 billion in Q2 2012 from $646 billion in Q2 2011.
?Automotive loan portfolios continued their strong comeback in Q2 2012, as delinquencies continued to drop and total dollar volumes continued to rise,? Zabritski said.
Posted in: Loans
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Source: http://www.e-wisdom.com/news/loans/more-consumers-paying-auto-loans-on-time-in-q2-110240286/
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