Auto Loan Delinquencies Down

According to the credit report service TransUnion, the number of people getting behind on their auto loans has dropped. There has been a marked increase in the number of people who were either behind on their payments on their auto loans, or were completely delinquent in making their payments since the economy tanked. However, according to TransUnion, those numbers are down, and more people are paying their auto loans than were before.
 
They said auto loan delinquencies had declined six percent during this last quarter as compared to the same time last year. The number of people that were past due 60 or more days had dropped to .81%. This number is unchanged from the previous quarter, but is a big improvement over the year before.
 
They think that a lot of this has to do with the fact that there are more people who are able to afford auto loans now. They said that there are so many deals out there right now for auto loans that if you are in the market for a car it is really the right time to shop. They said that they thought that a lot of it had to do with the Cash for Clunkers program that was utilized as well, as there were more qualified auto loans taken out over that time period.
 
What was really interesting about these numbers is that as more people are paying their auto loans, fewer people were paying their credit cards and mortgages. As more consumers fell behind on that debt, more of them were putting their money into their auto loans instead. They said that as the economy continues to improve they expect that these auto loan figures will greatly increase, as more consumers will be able to afford to pay back their loans.

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