Auto originations were up 12% in the first quarter to $95 billion, according to the New York Federal Reserve.
Despite the volume increase, serious delinquencies, defined as those 90-or-more days late, were down to 3.3% of the total outstanding balance, from 3.5% a year ago, according to the N.Y. Fed, which released its quarterly Household Debt and Credit Report today.
For the first quarter, new light-vehicle sales were up 6% from the first quarter of 2014, to just under 4 million units, according to AutoData Corp.
For consumer households overall, as of the end of March, total household indebtedness was $11.9 trillion, an increase of 0.2% from yearend 2014, the N.Y. Fed reported.
The report is based on data from the N.Y. Fed’s Consumer Credit Panel, a nationally representative sample drawn from Equifax credit data.
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