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Number of Auto Loans Rise As Delinquencies Fall

Nov 21, 2013

Consumers owed nearly $783 billion on their auto loans in the third quarter of 2013, up $103 billion from the third quarter of 2012, according to Experian Automotive. This represents the highest amount in the past seven years.The increase in loans corresponds with a declining number of 30-day loan delinquencies, which were at 2.6% in the third quarter.The combination of higher loan balances and relatively flat loan delinquencies is good news for consumers, dealerships, manufacturers, lenders and the economy in general. Low delinquencies encourage more lending, which encourages more vehicle purchases.