Saturday, December 3, 2022

Auto loan delinquencies rise as loan-accommodation programs end

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  • A growing percentage of Americans with auto loans are struggling to make their monthly payments.
  • Subprime borrowers in particular are feeling the impact of higher prices for both new and used vehicles.
  • The rise in delinquencies also follows the end of loan-accommodation programs set up during the pandemic.

Despite the rise in delinquencies, Merchant believes the auto loan market remains healthy. The average interest rate for a new-vehicle loan climbed to 5.2% in the third quarter, while the average rate for a used vehicle loan hit 9.7%, according to TransUnion. Both are up more than one percentage point compared with the year-earlier period.

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Disclaimer: This story is generated from RSS Feed and has not been created or edited by Waba News. Publisher: CNBC

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