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A sign of #economic turbulence—

‘Car owners are missing their monthly payments at the highest rate in more than 30 years.’

Catalysts:

🔘 A slowing economy

🔘 The ongoing effects of inflation

🔘 Rising car prices

In addition, consumer debt is surging while consumer confidence is declining.

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#USA #USEconomy #economics

https://www.bloomberg.com/news/articles/2025-03-06/late-car-loan-payments-auto-delinquencies-spike-to-highest-level-in-decades
Americans Fall Behind on Car Payments at Highest Rate in Decades Delinquencies on auto loans among subprime borrowers are spiking as consumers continue grappling with higher interest rates. in 7 K Vehicles at a dealership in Vallejo, California. Photographer: David Paul Morris/Bloomberg By Claire Ballentine March 6, 2025 at 10:00 AM EST https://www.bloomberg.com/news/articles/2025-03-06/late-car-loan-payments-auto-delinquencies-spike-to-highest-level-in-decades Accessed: 6 March 2025 at 1745 MST
Car owners are missing their monthly payments at the highest rate in more than 30 years. In January, the share of subprime auto borrowers at least 60 days past due on their loans rose to 6.56%, the most since the data collection began in 1994, according to Fitch Ratings. A slowing economy and the ongoing impacts of inflation have made it harder for many consumers to stay current on their bills. Auto loans have been a particular pain point, with higher car prices and elevated borrowing costs driving a surge in repossessions. https://www.bloomberg.com/news/articles/2025-03-06/late-car-loan-payments-auto-delinquencies-spike-to-highest-level-in-decades Accessed: 6 March 2025 at 1745 MST
The Federal Reserve Bank of New York recently reported that the share of auto loans among all borrowers that transitioned into serious delinquency - defined as 90 days or more past due - rose to 3% in the fourth quarter, the highest level since 2010. https://www.bloomberg.com/news/articles/2025-03-06/late-car-loan-payments-auto-delinquencies-spike-to-highest-level-in-decades Accessed: 6 March 2025 at 1745 MST
#usa #economics #economic #useconomy
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