There are some things that no one ever wants to see a rise in. Experian is reporting that the rate of auto loan delinquency and repossession is going up. This is due to the first quarter seeing an increase in subprime loans.
The increase is across the board. 60 days of delinquency rose 12 percent while 30 days increased 1 percent. The numbers certainly are troubling compared to the recent reports showing those same stats slowing and lowering as the economy comes back.
This has many meanings behind it, not all of them dire. The economy has been a slow slog back to being the best for everyone. It’s come back strong enough to allow people to enter back into the subprime market. That would be an easy explanation for why delinquencies could be up. More people in the market.
What it really says to me is that people are wanting and/or needing to get a car again and may be making the leap too soon or not evaluating their finances properly before coming into the dealership. We’ve posted plenty of aids to make sure that when you get financing for a vehicle that it won’t become a burden that may lead people to missing out on payments.
A large part of buying a car is more than just finding the right vehicle. It’s also about ensuring the vehicle you need is going to work with your finances. Read up and prepare so you’re not caught off guard.
Bayside Chrysler Jeep Dodge is here to make sure you’re ready for financing for the vehicle you need. We work every day with people that have poor credit situations and help them get the loan they need that suits their life-style. We love to say yes! We’ll work with you to put you in the car best suited for you. Don’t forget to like and follow us on Facebook as well as Twitter.
