Chat with us, powered by LiveChat

Auto Loan Balances At All Time High?

by | Dec 2, 2013 | Auto Loans, Loan Debt

According to Experian Automotive, outstanding loan balances reached $782.9 billion in the third quarter of 2013.  This is a new all-time high for auto loan balances.

California reported the highest spike in balances – up 29.3%.

Experian Automotive noted that the average dollar amount past due rose in both the 30 and 60 day delinquency categories as did the average charge-off amount on failed auto loans.

Vehicle repossession rates also increased from .40% to .62% of all auto loans in the last year.

For the full article: http://blog.credit.com/2013/11/auto-loan-balances-all-time-high/

Auto buyers will be issued deficiency balances if the cars are repossessed.  If this happens to you, consult with a debt settlement attorney to negotiate for a reduction in the deficiency balance.

The following two tabs change content below.
Avatar

Kevin Fallon McCarthy

Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.