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Auto Loan Delinquency Rates Fall in Second Quarter

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ID-100144151There’s good news in the auto loans world courtesy of a new research from Experian. Turns out that car buyers in the US are doing a good job of paying back their loans.

The data collected by Experian Automotive is promising as it shows that in the second quarter of this year there were fewer vehicles repossessed for non-payment of an auto loan. Not only that, but it’s the fewest amount of vehicles since the company started keeping track in 2006.

Experian wasn’t planning on seeing such a decrease of this size. Melinda Zabritski, Experians senior director of Automotive credit put out a statement saying, “Repossession and delinquency rates seen this quarter were lower than expected. The seasonality of the market usually has the first quarter showing the lowest 30-day delinquency rates, but even with the total automotive loan portfolio growing, consumers in the second quarter have done an exceptional job of meeting their financial obligations to keep the market strong.”

The auto loan market has been booming of late thanks in part to a recovering economy and sales for Chrysler running on a consistent high. We here at Bayside Chrysler Jeep Dodge love to put everyone who walks in through our doors into the vehicle, new or used, that best suits their lifestyle. Stop on by and speak to a customer service representative and see what we can do to help you. We love to say yes!

Auto Loans Increase for People With Poor Credit

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The auto industry is booming because of many factors. One of these factors is that people are finally at a point where their old vehicle is just no longer affordable to keep. It’s time to start browsing the lot of both new and used and see which best replaces the old ride. The problem that these people face is that they were pushing every mile out of their previous car due to the fact that a new vehicle seemed unobtainable due to financial reasons. Many consumers get discouraged by believe that poor credit means no good deals wait for them. There’s good news for people who need that new car but are scared to see what their credit scores means for the payments.

Fox Business is reporting that a new study from Experian Automotive shows that buyers with challenged credit are getting approved for auto financing. What’s even better about that is due to the lower scores getting approval, that brings the average scores down for everyone else. That means that lenders are making more loans. The report shows that loans to car buyers with subprime credit scores increased by 11.4%. These buyers are also getting bigger loans, with the average amount going up $589 from last year on a new car and $411 for a used vehicle.

These changes have come about because more and more consumers are paying back their loans as agreed upon. The number of payments that were 30 days delinquent dropped by 7.6% and 12.1% for 60 days. Vehicle repossession went down by 37.1%.

If you’re one of the people looking to finally find that car that you need, for work or pleasure, but are dealing with challenged credit, then give Bayside Chrysler Jeep Dodge a chance to help you. The new and pre-owned line up is available for online browsing. Like our Facebook page and follow us on Twitter to see the current news in the auto industry.

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