According to Experian Automotive, auto balance loans hit a record high at the end of 2013. The total outstanding auto loan balance in the fourth quarter of 2013 was $798.5 billion.
Approximately 2.63% of outstanding auto loans are 30 days past due. Lenders are reaching out to nonprime, subprime, and deep subprime. Last quarter, those credit segments rose to 36.2% of all auto loans.
For the entire article, please read: https://blog.credit.com/2014/03/auto-loan-balances-reach-record-high-77454/
If you or someone you know are having troubles paying on an auto loan and face repossession, encourage them to schedule a free consultation with a debt settlement attorney experienced as we are in these matters.
Kevin Fallon McCarthy
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