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.”