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Record High for Auto Loan Balances!

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: http://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.

 

 

 

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Avatar for 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.