LOS ANGELES — The rate of late payments on auto loans fell in the first three months of the year to the lowest level in more than a decade, even as lenders financed more vehicle purchases for high-risk borrowers.
For the January-to-March quarter, the rate of at least 60 days overdue declined to 0.36 percent, down about 27 percent from last year, credit-reporting agency TransUnion said Wednesday.
That’s also down about 22 percent from the last three months of 2011.
The latest rate is the lowest since Trans-Union began tracking auto-loan data in 1999. The highest rate recorded by the company was 2.39 percent in the first quarter of 2000.
The auto-loan delinquency rate has fallen on an annual basis for 10 consecutive quarters. One key reason: After the last recession, many borrowers made keeping up with their car payments a priority over other types of financial obligations.
The Associated Press
