There’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!
