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Auto Finance Tops $1 Trillion

Auto Finance Tops $1 Trillion Featured

The total balance of open automotive loans climbed 11.1 percent in the first quarter surpassing the trillion-dollar mark for the first time on record, Experian Automotive reports.

According to the most recent State of the Automotive Finance Market report, loan balances reached $1.005 trillion the first quarter, up from $905 billion in the first quarter of 2015.

Open leases grew by 27.55 percent to an all-time high of $76.9 billion, up from $73.1 billion the previous year.

Findings from the report also show that while there were increases in both 30- and 60-day delinquency rates, the overall percentage of total delinquent loans remains relatively low when compared to pre-recession levels.

In the first quarter, the percentage of loans and leases considered 30-days delinquent was 2.1 percent, up from 2.02 percent in the first quarter of 2015. Additionally, the percentage of loans and leases considered 60-days delinquent grew from 0.57 percent to 0.61 percent over the same time period.

Read 3487 times Last modified on Saturday, 02 July 2016 22:26
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Auto Finance Tops $1 Trillion

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The total balance of open automotive loans climbed 11.1 percent in the first qua...