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Auto loan delinquency still highThe latest figures from TransUnion.com reveal that although the rate of auto loan borrowers who are at least 60 days late paying their bills dropped slightly during the first quarter of the year, the overall percentage remains high. Some 0.83 percent of Americans with a vehicle loan were delinquent in the first three months of 2009, compared with 0.86 in the fourth quarter of 2008. Mississippi and Louisiana posted the highest proportion of late payments. Still, the most recent figures are nearly 28 percent higher than the same period last year, suggesting that auto loans are yet another category of debt that is growing more challenging for U.S. families to repay. Last week, TransUnion released data showing that the delinquency rate for paying back credit card debt rose by 9.1 percent between January and the end of March to reach 1.32 percent. Meanwhile, the company's analysis also showed that mortgage loan delinquency edged up for the ninth quarter in a row during that same time period. Commenting on the auto loan data, Peter Turek of TransUnion predicted that delinquency rates will continue to increase until at least the end of this year. "However, the overall economy, weak labor market and lower disposable income levels will continue to negatively impact the consumer well into 2010," he said.
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