Interesting news for the U.S auto purchaser. Auto loan balances hit record high numbers since 2009. Hopefully this is a good sign of a strong economic comeback. Or are we just getting ourselves into more debt?
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U.S. auto purchasers are borrowing more money and doing better at repaying their loans, Equifax Inc. reported today.
The credit reporting company (NYSE: EFX) said the balances of U.S. consumers' auto loans hit $782 billion at the end of January, the highest level since January 2009 for a 48-month high.The total number of existing loans hit 59 million, Equifax (NYSE: EFX) said.
Loans funded through financial institutions such as banks, savings and loans or credit unions, are at more than $372 billion, realizing a 60-month high and back to pre-recession levels. Similarly, at more than$409 billion, balances on loans funded by auto finance companies are at its highest level in 46 months, Equifax said.
Delinquency rates within the auto portfolio are also improving, and by year-end 2012 decreased by nearly 11 percent from same time a year ago, while auto loan and lease losses in that same period dropped nearly 10 percent.
?Sales of new cars and light trucks are rising steadily, though they are still well below pre-recession levels of roughly 17 million units,? said Equifax Chief Economist Amy Crews Cutts. ?Yet auto lending, including leases, is now back to pre-recession levels, driven in part by the very attractive interest rates being offered on these loans and a gradual increase in willingness to lend to less-than-perfect credit borrowers.??
More at Consumers' auto loans jump to $782B, Equifax says ? Atlanta Business Chronicle
Category: Finance
Source: http://www.thenewsgals.com/auto-loan-balances-for-the-u-s-report-huge-numbers/21427/
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