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SOURCE Experian Automotive
30- and 60-day delinquencies show slight uptick
SCHAUMBURG, Ill., Aug. 20, 2014 /PRNewswire/ -- Experian Automotive today announced that outstanding automotive loan balances reached an all-time high in the second quarter of 2014. According to its latest State of the Automotive Finance Market report, the total dollar amount of automotive loan balances outstanding hit $839.1 billion, up 11.7 percent from the previous year.
Further findings from the report showed that, while still at near historic lows, 60-day loan delinquencies increased by 7 percent to 0.62 percent in Q2 2014 from 0.58 percent the previous year. Additionally, 30-day delinquencies showed a slight increase, going from 2.38 percent to 2.39 percent over the same time period. Moreover, the total balance of loans that are 60-days delinquent has increased by $859 million since Q2 2013, while the balance of 30-day delinquent loans has increased by $2.8 billion from a year earlier.
"The rosy glow of perfect payment performance in the automotive space is beginning to tarnish," said Melinda Zabritski, senior director of automotive finance for Experian Automotive. "We're starting to see a slight uptick in the number of consumers struggling to make their automotive payments on time; however, we have to keep in mind that these percentages are still extremely low. We'll want to keep an eye on how consumers pay their bills in the coming months, as it may dictate the availability of credit in the future."
Other findings include:
About Experian Automotive
Experian Automotive provides information services and market intelligence that enables results-driven professionals to gain the fullest possible understanding of the market, the vehicles and the people who buy them. Its North American Vehicle Database(SM) houses data on nearly 700 million vehicles and, when combined with Experian's credit, consumer and business information, provides an integrated perspective into the automotive marketplace. Experian Automotive's AutoCheck® vehicle history reports provide dealers and consumers with in-depth information, allowing them to confidently understand, compare and select the right vehicles. For more information on Experian Automotive and its suite of services, visit our Website at http://www.experian.com/automotive.
Experian® is the leading global information services company, providing data and analytical tools to clients around the world. The Group helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended March 31, 2014, was US$4.8 billion. Experian employs approximately 16,000 people in 39 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and Sao Paulo, Brazil.
For more information, visit http://www.experianplc.com.
Experian and the Experian marks used herein are trademarks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the property of their respective owners.
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