TransUnion, one of the three national consumer data collection companies, reported Thursday that the highest number of consumers had auto loans in the first quarter of 2015 since the Great Recession, but delinquency has remained at a steady, low level.
The consumer information firm reported that 71 million consumers had an auto loan in the first quarter of 2015, an increase of 1.2 million over the last quarter of 2014. The delinquency rate over both quarters stood at 0.99%.
"Even as more consumers have access to an auto loan or lease, we're seeing a continued low level of delinquencies on a year-over-year and quarterly basis," Jason Laky, senior vice president and automotive business leader for TransUnion, said.
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TransUnion reported that auto loan debt per borrower rose 3.8% from $16,865 in the first quarter of 2014 to $17,508 in the first quarter of 2015. On a quarterly basis, auto loan debt increased from $17,453 at the end of 2014, marking the 16th straight quarter of increases.
The company also reported that auto loan balances rose in every state from the first quarter of 2014 to the first quarter of 2015. Among the nation's largest cities, Atlanta (up by 5.9%) and Houston (up by 5.4%) experienced the largest increases in auto loan balances, TransUnion reported.
Significantly, despite the dip in oil prices, Dallas, an oil-rich market, experienced a 1.7% decline in its delinquency rate, down from 1.05% in Q1 2014 to 1.03% in Q1 2015, TransUnion said.
"We have yet to see a negative impact on auto lending in the areas with high exposure to the oil industry," Laky added. "Loans and balances continue to grow, while delinquencies continue to remain in check."
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