Experian Automotive recently announced that consumers have been more on time paying car loans in the second quarter of 2012 compared to the second quarter of 2011.
"Automotive loan portfolios continued their strong comeback in Q2 2012, as delinquencies continued to drop and total dollar volumes continued to rise," said Melinda Zabritski, director of automotive lending for Experian Automotive. "Since the automotive loan industry is highly interdependent between banks and retailers, this continued strong performance for loan portfolios is good for automotive retailers and consumers alike."
The analysis showed the 30-day delinquency rate was 2.52 percent in the second quarter of 2012, down from 2.59 percent during the second quarter of 2011. The 60-day delinquency rate was 0.59 percent in the second quarter of 2012, down from 0.60 percent during the same period last year.
In addition, repossessions of vehicles also dropped to 0.43 percent during the second quarter of 2012, down from 0.59 percent in the second quarter of 2011. That accounts for 27.9 percent drop on a year-over-year comparison.
In response to the lower delinquency and repossession rates, auto loan applications are being approved more because banks can take more chances when people are generally paying their bills.? Auto loans increased 5.5 percent in the second quarter of 2012 compared to the same period last year.
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