Pity the repo man.
The national auto loan delinquency rate -- the share of borrowers 60 or more days past due on their payments -- hit its lowest level since credit report agency TransUnion began tracking the data in 1999 and is down 25% from a year earlier.
The delinquency rate during the second quarter of this year dropped to 0.33% from 0.36% in the first quarter.
“It’s not surprising that auto loan delinquencies remain at record low levels,” said Peter Turek, automotive vice president in TransUnion’s financial services business unit. “Consumers now value their auto loans more than their credit cards and mortgages. This is partly due to the need for transportation to get to work or to seek employment in a difficult job market.”
TransUnion found that California's auto loan delinquency rate was 0.37% in the second quarter, slightly higher than the national average but a big dip from the 0.52% of the same period a year earlier. The average auto debt-per-borrower is $14,572 in California, which is the 10th-highest auto debt nationwide.