Consumers have been keeping up with their auto loan payments. According to a report released today by the American Bankers Association, the 30-day or more delinquency rate on indirect auto loans fell to 1.51% in the third quarter of 2014, from 1.55% in the second quarter.
Direct auto loan delinquencies remained steady at 0.72%. Meanwhile, during the same time period, the delinquency rate on recreational vehicles dropped to 1.03% from 1.09%, while the late-payment rate on marine loans declined to 1.21% from 1.34%.
ABA Senior Economist Keith Leggett credited the recovering economy for some of the improvement. “The decrease in gas prices and job creation is helping consumers manage finances and pay down debt,” he said.