Auto loan and lease originations were $151 billion in the third quarter, a “robust” increase of 14% from a year ago, the New York Federal Reserve said.
The New York Fed issued its “Quarterly Report on Household Debt and Credit” today, including only a slight increase in serious delinquencies of 90-plus days to 3.36% of outstanding auto balances, from 3.14% a year ago. The third-quarter number was exactly even with the second quarter, the Fed said.
“The growth in auto loan balances and originations has been very robust,” said Donghoon Lee, research officer, in a written statement. “Credit conditions have remained attractive for auto purchasers with both prime and subprime credit.”
Outstanding auto balances were $1.05 trillion at the end of the third quarter according to Fed data, up 11.9% from a year ago and an increase of 0.04% from the end of the second quarter.
Auto originations were the highest since the third quarter of 2005, the Fed said. By credit score range, the highest segment, with credit scores of 780 and above, increased the most in origination volume, up 21.9% from a year ago. Next-highest was the segment just above subprime, in the 620 to 659 range, up 18.7%. Subprime originations, below 620, increased 14.3% from a year ago.
