Auto loan delinquencies ticked up for the first time in three years, according to recent data from Experian Automotive, but the auto information provider sees no reason for alarm.
The research found that 60-day delinquencies increased to 0.74% in 4Q12 from 0.72% in the same quarter of 2011. The increase was the first year-over-year increase in 30- or 60-day delinquencies since 4Q09.
Melinda Zabritski, Experian’s director of automotive credit, still finds the market “extremely healthy,” she said in a release. “When you take a step back and look at the market compared to where it was three years ago, we still have remarkable stability.”
Meanwhile, 30-day delinquencies dropped to 2.72% last quarter from 4Q11’s 2.79%. Specifically, banks, captives, and credit unions saw slight drops in 30-day delinquencies, while the rate grew to 5.61% from 5.35% for for subprime lenders, according to Experian.
