Just when it seems like it can’t get better, somehow it does.
Delinquency rates are down yet again for the fourth quarter of 2013, according to information from the American Bankers Association released today. Delinquencies for indirect auto loans fell to 1.62% from 1.64%. Delinquencies for direct auto loans fell to 0.79% from 0.88%.
This was part of an overall drop in delinquencies across the credit market.
“Consumers really have prioritized their payments,” said Keith Leggett, a senior economist at the ABA to Auto Finance News. “In this environment what they have given priority too is making their car loan payments first.”
