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Real Estate News Releases
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(EstateNewsWire.com, September 12, 2012 ) San Francisco, CA - TransUnion Corp. (a credit information company) presented its report which states that the delinquency rate of auto loans is decreasing with a steady pace in the last couple of years at the national level in the U.S.
The firm started tracking its data since 1999 and observed that the delinquency rate touched its lowest rate for the second consecutive quarter.
In the first quarter, delinquency rates of auto loans went down to almost 0.33 percent from 0.36 percent. The decrease in the second quarter was nearly 8% compared to the 0.44 percent in the last year’s quarter.
Mr. Peter Turek, the automotive vice-president, said that according to the report of the firm, the consumers are paying more attention to their auto loans as compared to their mortgages and credit cards, which is a major reason of this decrease in delinquency of auto loans.
According to the firm, consumers want a good credit history on their auto loans in order to keep a good loan relationship.
Turek told blogs.wsj.com that, “Consumers with car loans have more equity in their vehicle than they have in the recent past because of the strong used car vehicle market.”
However, it has been observed that the demand of new and used autos is increasing as the auto debts of banks per consumer grew over $13,400 in the second quarter from the previous amount of almost $12, 700 which was it was at last year.
It is a healthy sign that despite the increasing bank debt of autos, the delinquency rate is declining with a steady pace in the recent quarters.
However, Turek also expressed that since they are observing an increase in non-prime loans borrowing, it is likely that the delinquency rate will start to grow again.
But he is optimistic at the same time that the overall rate will remain low as people are getting involved in making their auto debt history more credible.
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Source: EmailWire.Com 
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