The More They Pay the Better We Are

For anyone who is wondering if there is a good chance that the economy is doing better – it seems we are. It can be tough to see this as every street we turn down seems to have an empty house sitting on it, or more for sale signs than we can count – but the fact of the matter is that according to the banks things are turning around and we are moving into a better place.
 
The American Bankers Association says that auto loans are doing well. They are being paid, and there are less auto loans going into delinquency and they see this as a very good sign. Most people choose to stop paying their auto loans when things get bad because they can’t afford to keep them up. However, if people are paying their auto loans that means that people are doing better financially.
 
The ABA said that although it does not seem like a large increase, when you consider the money that they represent it actually is. They reported that 3.15% of indirect auto loans and 2.04 auto loan were 30 days past due. Indirect auto loans are those made through a car dealership.
 
They said that although the numbers were still high for auto loan delinquencies – they were pleased to see that at least they were coming down. They said that they were at 3.53% for indirect auto loans and 3.01% for direct. Any fall in the auto loan delinquency rate is better than not.




 

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