The inability to pay your auto loan may come with dire consequences. In some states, auto loan delinquency is getting worse, placing more cars in danger of being repossessed. Check out the states where the most people are falling behind on auto payments.
Which states have the highest rates of auto loan delinquency?
According to Wallet Hub, auto loan delinquency is growing all across the country. But some states are falling behind on auto loans more than others.
The top 10 states with the most auto delinquency include:
- Washington – 12.89%
- Alaska – 12.50%
- Oregon – 11.70%
- Georgia – 11.62%
- Rhode Island – 11.41%
- Oklahoma – 11.21%
- Delaware – 11.21%
- Utah – 11.6%
- West Virginia – 10.75%
- North Carolina – 10.29%
If you fall behind on your auto loan, then your lender can repossess your car without notice. Most lenders wait until you’re 90 days late to repossess vehicles, but they can do so after only one missed payment.
Missing payments provide negative marks on your credit, then a repossession will be recorded on your credit report, and defaulting on your auto loan makes it even worse.
Ummm, maybe you shouldn’t spend and finance more than you can afford?
I could afford it 10:39, until corporate greed took my job.
You can’t afford it, 7:48, unless you can afford if if you lose your job for 6 months.
Yuppies will have to drive kias !!!!!