Auto loan delinquencies in the fourth quarter hit their highest level since the financial crisis, a report out Thursday revealed.
About $23.27 billion in loans were 30 days or more late as of Dec. 31 — a whopping 14 percent increase from the year earlier and the most since the $23.46 billion in the third quarter of 2008, according to the New York Federal Reserve.
Delinquencies have moved up as the credit quality of the loans has deteriorated and the length of the auto loans has increased — sometimes to 84 months.
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Unless I have the money to purchase a car, I will hold onto my current vehicle. I will never take out a loan
ReplyDeletefor a car and not have in all of my 45 years of driving! It's called "Good Sense"and something I was taught
from my first car that I paid cash for and have always been able to purchase a new car every five to ten years.
Alot of folks get new car fever during tax refund time.
ReplyDeletePerhaps they should have purchased a car within their financial means. Next problem?
ReplyDelete