TransUnion: Late auto-loan payments fall in 2Q
The auto loan delinquency rate has fallen on an annual basis for 11 consecutive quarters. Among the factors contributing to the decline: lower interest rates and a strong market for used cars.
The trend, however, also is due to a shift in car owners’ mindset since the last recession. That’s when many borrowers made keeping up with their car payments a priority over other types of financial obligations.
Source: The Associated Press