There could be bad news around the corner as more and more car buyers are having difficulty keeping up with auto loan payments.
According to a report from Automotive News, 1.63 percent of auto loans haven’t received a payment in at least 60 days. That number is 0.4 percent higher than it was the same time last year, and the highest in the past four years.
That being said, car loan default rates are still below pre-pandemic levels. Satyan Merchant, the Senior Vice President of TransUnion told the outlet that the increase can be attributed to changes in origination — or where borrowers stand in credit and spending.
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