Rising Subprime Auto Loan Delinquency Rates
Car owners are missing their monthly payments at the highest rate in more than 30 years.
Key Points
- Subprime auto borrowers at least 60 days past due on their loans reached 6.56%
- Highest rate since data collection began in 1994
Pros
- Highlights a concerning trend in the auto loan industry
- Provides specific data from Fitch Ratings for credibility
Cons
- Could indicate financial struggles for many car owners
- May lead to increased repossessions and financial instability