Despite record-high outstanding loans, auto loan delinquencies were essentially flat in the second quarter compared with a year ago, Experian Automotive said.
“The automotive loan market is gaining momentum while maintaining remarkable stability. It’s a good sign for the economy overall,” said Melinda Zabritski, Experian senior director of automotive finance.
Mathematically, late payments ticked downward ever so slightly for 30-day delinquencies. They increased even more slightly for 60-day delinquencies, Experian said.
Outstanding auto loans reached a record $932 billion at the end of the second quarter, an increase of 11% from the year-ago quarter, the credit bureau said. Experian said that was the largest year-over-year quarterly increase since 2006.
The 30-day delinquency rate for the second quarter was 2.32%, down from 2.37% a year ago. The 60-day delinquency rate was 0.607%, a barely measurable increase from 0.603%, in the second quarter of 2015.
