According to Experian Automotive's State of the AutomotiveFinance Market report released Feb. 19, 30-day automotive loandelinquencies decreased from 2.72% in the fourth quarter 2012 to2.63% in the fourth quarter of 2013, while 60-day auto loandelinquencies remained flat at 0.74%.
|The percentage of loan dollars that were 30 days delinquent rosejust slightly from 2.22% in Q4 2012 to 2.26% in Q4 2013. Thepercentage of loan dollars that were 60 days delinquent roseslightly from 0.55% during the same period.
|However, the report also showed outstanding automotive loanbalances increased 11% from Q4 2012, reaching $798.5 billion in Q42013, which is the highest level since Experian Automotive startingpublically reporting the data in 2007, the firm noted.
|Meanwhile, Experian found that an increase in repossessions was driven entirely by finance companies, whichprovides a significant majority of their loans to credit-challengedcustomers, the report noted.
|Credit unions had the least percentage of repossessions,according to Experian.
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