State tops in auto loan delinquencies
During the third quarter, Mississippi had the highest auto loan delinquency rate in the nation, according to TransUnion.com’s analysis of trends in the auto lending industry.
The report is part of an ongoing series of quarterly consumer lending sector analyses focusing on credit card, auto loan and mortgage data. Information for this analysis is culled quarterly from approximately 27 million anonymous, randomly sampled, individual credit files, representing approximately 10 percent of credit-active U.S. consumers and providing a real-life perspective on how they are managing their credit health.
The national 60-day auto delinquency rate (the ratio of auto loan borrowers 60 or more days past due) rose between the second and third quarters of 2009 (from 0.73 percent to 0.81 percent). The year-over-year delinquency rate at the national level increased by 1.25 percent in the third quarter.
Mississippi’s delinquency rate was 1.53 percent.
Average auto debt nationally continued to decrease slightly in the third quarter of 2009 from $12,560 to $12,542. Likewise, the year-over-year auto debt fell by 2.5 percent.
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