News Summary: Late auto-loan payments rose in 4Q
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Source: Business News
Originally published: Feb 25, 2013 - 10:30 pm
Originally published: Feb 25, 2013 - 10:30 pm
(AP) - DELINQUENCY RATE: Credit reporting company TransUnion says that the rate of U.S. auto-loan payments at least 60 days overdue climbed to 0.41 percent in the fourth quarter. That's up from 0.38 percent in the third quarter, but down from 0.46 percent from a year earlier.
HOLIDAY SPENDING: TransUnion says an uptick in the auto loan delinquency rate typically occurs in the last three months of the year, a time when some borrowers' financial obligations temporarily take a backseat to spending on holiday shopping.
BIGGER BALANCES: Bank auto debt per borrower rose 5.4 percent in the fourth quarter to $13,747.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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