Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Auto Loan Balances At Record High $782.9B
SCHAUMBURG, Ill. (11/15/13)--Third quarter outstanding auto loan balances are at a record high, according the Experian Automotive, which began recording the data seven years ago.
 
Outstanding balances on automotive loans reached $782.9 billion, up from $103 billion in the third quarter of 2012.
 
Thirty-day loan delinquencies were down 3.4% from 2012 to 2.58% 2013 from 2.67% the same time last year. Sixty-day delinquencies remained flat.
 
Credit unions also showed auto loan growth, according to Credit Union National Association research and statistics. New-auto loans increased to 10.8% of total loans for the third quarter of 2013, compared with 10.4% in the third quarter of 2012. Used-auto loans rose to 19.8% of total loans, compared with 19.1% for the same period in 2012.
 
Auto loan balances are growing nationwide, according to the Experian report. States with the fastest percentage growth year over year included California (29.3%), Texas (26.3%) and Nevada (26.%). The states with the slowest growth rates year over year were Hawaii (12.4%), Wyoming (12.3%) and Michigan (6.8%).
 
States with the steepest decline in the loan balances currently 30 days delinquent year over year are Hawaii (12.75%), Vermont (11.69%) and Oregon (11.64%). States with the biggest jump in 30-day automotive loan balance delinquencies year over year included Rhode Island (18.53%), Wyoming (11.98%) and Alaska (10.24%).
 
Other findings:
  • Outstanding loans in the nonprime, subprime and deep-subprime segments were up slightly (36% from 35.9% in the third quarter of 2012);
  • The percentage of loan dollars 30 days delinquent rose slightly (2.17% from 2.16%);
  • The percentage of loan dollars that are 60 days delinquent rose slightly (0.52% from 0.5%); and
  • The average charge-off amount for bad loans increased to $7,770 from $7,026.
RSS





print
News Now LiveWire
Final field-of-membership rule tops April 30 NCUA agenda http://t.co/gFIhRhUCts
7 hours ago
.@CUNA's @Nussle speaks to @VonnieQuinn about #StoptheDataBreaches and reg. relief. http://t.co/TMTubG9Afk
9 hours ago
RT @NCUFoundation: .The Foundation's @hylandhighway with @NatlJumpStart President/CEO Laura Levine at #FLHillDay2015 today: http://t.co/ep5…
11 hours ago
Seriously underwater homes rise, new-home sales tumble News Now: http://t.co/2LzWTkqnES
11 hours ago
#NewsNow Cornerstone Foundation awards $71K in grants http://t.co/Y6D8K9rwWv
13 hours ago