The portion of Americans that are “severely delinquent” on their car loans in December hit the highest level since February 2009, according to analytics firm Cox Automotive.
The rate of severe delinquency — typically defined as being delinquent on a loan by more than 90 days — increased to 1.84% in December, up from 1.74% in November, and up 0.39 percentage points compared to December 2021, according to a Cox report. Despite the elevated rates of delinquency, defaults declined 13.5% month over month to an annualized rate of 2.56% in December, below the rate of 2.98% set in 2019.
The results broadly mirrored those found by credit reporting agency TransUnion, the company told the Daily Caller News Foundation. Most of the increase was the result of delinquency on loans offered by independent lenders early in the COVID-19 pandemic, according to TransUnion.
I’m over 200k on my ford and still very happy with it. Rock solid and reliable since 2014 with only minor maintenance – no reason to have another car payment
I hit 357000 on my 2001 ford pick up and still going and love it
Gets me we’re I want to go every day
That will mean a lot of Blingilacs, Blincolns, Jaguars, Lexus with 22″rims, and overpriced Land Rovers are about to be repossessed….
People should stop living beyond their means. If you would be in trouble and be unable to make your payments if you lose your job, then you can’t afford it. You shouldn’t take on payments that you couldn’t cover from savings for at least six months if you had to. And if you haven’t saved up 6 months worth of expenses then you’re just being irresponsible. Stop being spoiled children and grow up.
Repo man. I say shoot 1st then ask questions later. 2003 ford f250. Purrin like a kitten and shining bright!