Auto loan delinquency rates were on the rise last quarter, especially for borrowers in the under-30 age bracket, according to data from TransUnion. The ratio of borrowers 60 or more days past due increased 8 basis points to 0.95% among all borrowers; it climbed 21 basis points — to 1.28% — among borrowers under 30. The overall increase is tempered by the fact that delinquencies were lower on a quarter-over-quarter basis, down from 1.0% in the first quarter. Data also showed that the dollar amount borrowed by each consumer increased 4.1% from the same time last year, and has risen for 13 straight months. The auto loan delinquency rate hit its recent high in the fourth quarter of 2008: 1.59%. The rate has been as low as 0.86%, recorded in the second quarter of 2012. “Auto lending remains similar to what we have observed during the last several quarters,” said Peter Turek, automotive vice president for TransUnion, in a press release. “Delinquency rates remain relatively low while auto loan balances keep rising — both metrics aided by increasing auto loan originations.”
