Delinquency rates on U.S. auto loans hit their highest level in over a decade as low-income borrowers struggle with the end of pandemic era benefits programs and rising interest rates, CNBC reported Tuesday.
Roughly 200,000 auto loans reached 60-day delinquency after pandemic-era loan accomodation programs — intended to prevent those who were laid off during the pandemic from having their cars repossessed — lapsed this year, CNBC reported, citing data from credit agency TransUnion. An additional 100,000 remained in accommodations, contributing to the overall rate of 60-day delinquencies hitting 1.65%, according to TransUnion’s tracking of more than 81 million U.S. auto loans.
Read More