Consumers Keeping up with Auto Finance Payments Featured

By Staff Writer August 30, 2018

Automotive finance amounts and monthly payments continue to reach new highs, but consumers seem unfazed.

According to Experian's State of the Automotive Finance Market report, the percentage of 30- and 60-day delinquencies improved during the second quarter.

Findings show 30-day delinquencies dropped to 2.11 percent from 2.2 percent a year ago, while 60-day delinquencies dropped to 0.64 percent from 0.67 percent over the same time period.

But while delinquencies trend downward, affordability remains a point of industry interest, as average finance values continue to rise across the spectrum.

The average new vehicle finance amount jumped more than $700 year-over-year to $30,958 in the second quarter, while used vehicle finance amounts increased $520 to reach $19,708. Moreover, new and used vehicle monthly payments hit record highs during the quarter, with the average new monthly payment increasing $20 year-over-year to $525, and the average used monthly payment increasing $13 over the same time period, reaching $378.

Last modified on Thursday, 30 August 2018 23:18

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