The auto loan delinquency rate could rise as much as 33 percent this year, driven by the impact of the faltering housing industry on consumer spending, according to an analyst with TransUnion.com.
The auto loan delinquency rate reached 0.79 percent in 2007’s fourth quarter, for a rise of 18 percent for the year, Ezra Becker, principal analyst in TransUnion’s financial services group, told insideARM. TransUnion defines auto loan delinquencies as loans that are 60 days or more past due.
The rate could rise to 1.05 percent by the end of this year, for an increase of 33 percent, said Becker.
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