US Subprime Auto Loan Delinquencies Levels At 20 Year HighsGuest Post
US Subprime Auto Loan Delinquencies Levels At 20 Year Highs @creditmacro
A month back whilst going through some US banking sector charts I came across the below unassuming, un-highlighted chart..
Worth looking in to and putting some thoughts together.. now I am by no means an expert so any thoughts feel free to put at bottom or ping me a message @creditmacro .. so here goes...
In these type of situations I always find charts or bullet pointed stats say a million words:
- ~86% of new vehicles have financing on them
- 43% of non-prime (that's the new name for sub-prime) are millennials
- average payment time has reached new highs- people are having to extent the contracts out longer to be able to afford the payments
- whats more..longer loans, those with terms lasting 73 to 84 month account for a record-setting 29.5 percent of all new vehicles financed
- increasing willingness to finance on Used Cars
- whilst average credit score is on downward trend... so thats a move to lower asset quality AND lower credit score
- average used vehicle loan is increasing.. more people extending themselves
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