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Auto loan delinquencies fewer at CUs
DETROIT (10/13/08)--Auto loan delinquencies are rising, but credit unions aren’t being hit as hard as other lenders. According to a Dow Jones story published Oct. 6, auto lenders have experienced a 9% increase in loans 30 days past due and an 11% increase in loans 60 days past due in the second quarter, compared with the same time period last year. About $25 billion in auto loans are past due, according to research by Experian. Credit unions are seeing an increase in auto delinquency rates, but their rates are not rising as fast as other lenders, Steve Rick, Credit Union National Association senior economist, told News Now. There are many economic headwinds that are placing strain on household budgets--which are causing them to become delinquent on auto loans, according to Rick. “First, rising energy and food prices are reducing funds available for debt service and other purchases. Second, rising unemployment, falling commissions and bonuses and slowing wage growth is reducing incomes for millions of Americans,” he said. “Third, rising interest rates and tighter loan underwriting standards have reduced the ability to refinance high rate debt.”
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