If you’re late on your auto loan payment, you have some company. According to a report by Experian Automotive entitled State of the Automotive Finance Market, total automotive loan balances outstanding hit $839.1 billion, up 11.7% from last year.
In addition, 60-day loan delinquencies rose by 7% to 0.62% in the second quarter of 2014, this is up from 0.58% from the previous year. Payments that were 30 days late also rose, showing a slight uptick from 2.38% to 2.39% during the same time.
What’s more, total loan balances that were late 60 days went up by $859 million since the second quarter of 2013. Loan payments that were late 30 days increased by $2.8 billion from last year.
Additional findings by Experian:
- Finance companies were the only lender type to see a year-over-year increase in repossession rates, rising from 1.13% in the second quarter of 2013 to 2.75% in the second quarter of 2014.
- All lender types experienced growth in year-over-year quarterly loan volume, with banks up by $31 billion, credit unions up by $25 billion, finance companies up by $24 billion and captive finance companies up by $9 billion.
- The average charge-off amount in the second quarter of 2014 was $8,149, up $932 from the previous year.