The rate for consumers who were 60 days or more past due on their car loan fell during the second quarter. The national 60-day auto loan delinquency rate dropped to 0.73% from 0.83%, according to an analysis of auto loan trends by TransUnion.com. This means that the percent of consumers nationwide who are 60 days or more past due on their car loan is still less than one percent overall.
The 60-day national car loan delinquency rate increased 7.35% compared to the same time period last year. The average amount consumers are borrowing for an auto loan decreased from $12,596 to $12,560 during the second quarter of 2009.
Car loan delinquency was highest in Mississippi (1.29%) and Louisiana (1.27%). The states with the lowest auto loan delinquency rates were Alaska (0.33%), North Dakota (0.37%) and Wyoming (0.39%).
TransUnion.com’s analysis gathers data quarterly from approximately 27 million anonymous, randomly sampled, individual credit files, representing about 10% of credit-active U.S. consumers.
The number of consumers who were 60 days or more past due on their auto loans dropped during the second quarter of 2009.