60-day delinquency on auto loans decreased in the second quarter

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Experian recorded the 60-day delinquency rate was 0.41 percent in the second quarter, slightly lower than the 0.44 percent observed during that period in 2020. This represents an improvement from the 0.62 percent seen before the coronavirus pandemic in the second quarter of 2019.

The analyst firm noted that 99 percent of auto loan bills paid in the first quarter remained current.

Experian has indeed seen a rise in its 30-day delay in payment., from 1.26 percent in the second quarter of 2020 to 1.31 percent in the same period this year. In the second quarter of 2019, the rate was 2 percent.

“Overall, the delinquency rate has indeed improved over previous years,” said Melinda Zabritzky, Experian’s senior director of automotive finance solutions. said at the webinar accompanies the August 19 release of the data.

Zabritzki said the results contradict the growth of delinquent creditors that she was predicted in conversations a few months ago.

“We just didn’t see it,” she said.

Late payments also tend to decrease during tax season as Americans receive refund checks, Zabritzka said. Perhaps in the future, the Americans will lag even further, but “we just haven’t seen it yet.”

AFSA’s director of public affairs Dan Bucherer said on August 18 that Americans tend to prioritize auto loans over other accounts when money is tight.

“They need to go to work,” he said.

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