This is concerning:
Auto loan early delinquency rates jumped to 8.12% in Q3 2024, the highest in 13 years.
Serious delinquency rates surged to 2.90%, also the highest in 14 years.
90+ day delinquencies are now just 58 basis points below the record levels seen in 2009.
In 2024, auto loan delinquencies have risen at the fastest pace since the 2008 Financial Crisis.
All while US households’ auto debt rose by $18 billion in Q3 and hit a new all-time high of $1.64 trillion.
Americans are missing loan payments as if a recession is here.
Additionally, credit card delinquency rates have risen sharply over the past year: https://t.co/rVuNW31fj2
— Reef Insights (@ReefInsights) November 26, 2024
Here is the current data for the subprime auto loans: pic.twitter.com/2QUEHosrVu
— Phoenix Capital (@PhoenixCapitalH) November 26, 2024
67 views