Auto Delinquencies Down

According to Trans Union the number of auto loan delinquencies has dropped. They say that in some states there has been a drastic increase in those auto loan delinquencies, but across the board is actually down. In places like whole why he, auto loan delinquencies are actually up 32%, but they are not the norm.
 
Trans Union is one of the big three when it comes to consumer credit reporting. Experian and Equifax are the other two, and they are reporting similar results. According to Trans Union the number of Americans that are coming up delinquent on their auto loans fell from 0.83% to 0.73% over the first and second quarters of the year.
 
According to them the drop in the second quarter 60 day auto delinquencies rate says that this is more of a seasonal pattern rather than a change in the economy. In some cases they say that it is simply a matter of existing loans maturing and being paid off. They say that the year over year delinquencies rate actually rose 7.3% in the second quarter.
 
They reported that the average amount owed by Americans on their car in the second quarter also decreased but only slightly. It went from $12,596 to $12,560. Nevada has the largest auto loan debt burden, and Florida has the 11th highest average auto loan debt per borrower. They also have the eighth highest 60 day loan delinquencies rate.
 
They say that they got their information from more than 27 million credit files and it represents about 10% of their active consumers. They say that the cash for clunkers program could actually result in an increase in auto loan debt because of more people taking out loans and trading in their old ones.

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