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High Risk Auto Loans - The total dollar value of high risk auto loans fell to $26.58 billion, a 10% drop. While still rising, the growth rates for 30-day and 60-day delinquencies had only minimal increases. The 30-day delinquency rate rose only 1%. The 60-day delinquency rate rose 3.5%.
The drop in total dollars at risk and the deceleration of delinquency rates are positive signs for the auto loan industry. While some of the drop in total dollars at risk is attributable to lower loan volumes over the past two years, a significant portion is due to more conservative lending practices since late 2008.
While most of the new car market is being driven by prime lending, loans for subprime customers are still active, particularly in the used car arena. Additional auto loan facts:
The average credit score for new auto loans is 775
The average credit score for used car loans is 680
The Experian credit report bureau is expected to release the results of its consumer and small business credit behavior study, which Experian claims will reveal startling results.
A sample of the report sheds light on a disturbing mortgage payment behavior. Bad credit people were 30 days or more delinquent on mortgage debt more often than they were delinquent on unsecured credit card payments. Good credit people were no better. In fact, many in the prime credit category had 60 day mortgage delinquencies which also exceeeded their credit card delinquencies.
Perhaps the behavior is not an indication that consumers valued their credit cards moreso than their mortgages, but rather they reduced the frequency of credit card late payments by sending in only monthly minimums, whereas a mortgage does not offer such minimum payment options.
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Credit Advice: Short term financial foresight can cause long term credit problems. While juggling bills to keep up with debt payments, also consider how your purchases will affect you over the long haul. Keeping this is mind may help you control unnecessary spending urges.
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