Auto Loan Delinquency Rates Stabilize
Auto loans are a main driver of nonmortgage consumer debt, but delinquency rates stabilized in the second quarter across all credit risk tiers.

Total outstanding auto debt reached $1.7 trillion, a 2% year-over-year increase.
Pexels/Gustavo Fring
Auto loan delinquency rates showed improvement in the second quarter, but the latest research shows that outstanding auto debt rose in comparison to last year.
According to data compiled by Equifax, auto loan accounts 60-plus days past due dropped 2% year-over-year. While banks and credit unions saw delinquency rates decline, captive auto lenders had a 38% year-over-year increase. Delinquency rates across all credit risk tiers dropped compared to last year.
Total outstanding auto debt reached $1.7 trillion, up 2% year-over-year, and the total account volume was 87.4 million. According to Equifax, auto loans were a main driver of nonmortgage consumer debt.
"Historically, total student loan debt balances were consistently higher than auto debt and almost twice as much as bankcard debt," said Equifax advisory leader Emmaline Aliff.
"The changing proportions of the non-mortgage categories reflect a macro shift, where student loan stabilization is being offset by further reliance on credit to manage the budgetary pressures of rising household and vehicle costs."
The consumer credit reporting agency said total U.S. consumer debt reached $18.25 trillion in the quarter, up 2% year-over-year.
Originally posted on Auto Dealer Today
More Industry

EV Market Humming Along
July sales show steady growth as the segment stabilizes from last year’s artificial surge following pullback of federal support.
Read More →
EV Sales Recover in Q2
The EV sales roller coaster continues as numbers show improvement, but industry experts predict a year-over-year third-quarter decline and fourth-quarter jump.
Read More →
The Cheapest Hybrids to Fuel
The powertrain is increasing in popularity, in no small part due to its fuel economy. A new report lists the most efficient hybrids on the market.
Read More →
Hybrids and SUVs Gaining Ground
The most recent Kelley Blue Book Brand Watch found that only two nonluxury brands increased in shopper consideration, buoyed by their hybrid and SUV offerings.
Read More →
Dealership Profits Decline
While new and used retail sales stagnated, dealerships have been particularly supported by fixed operations and finance-and-insurance profits, according to a new report.
Read More →
New Mexico Stores Change Hands
Three dealerships owned by three brothers are renamed for a new partnership bridging the founders’ family and a new auto retail leader.
Read More →
International Automakers Overpower Domestic Output
As the current U.S. administration pushes for domestic automotive production, a new report sheds light on the prevalence of international automakers here.
Read More →
World EV Adoption Set to Grow
A new report says the segment, despite recent setbacks in some regions, is poised for acceleration as many countries look to reduce pollution.
Read More →
Black Book: Weekly Market Update
Wholesale automotive auction business stayed steady last week as bidders encountered lower prices, analysts observed.
Read More →
Pricing Transparency Drives Purchase Consideration
An annual study by JD Power found that clear pricing matters to consumers on automaker websites, so much so that it increases their purchase consideration.
Read More →