May 20, 2013 |
Delinquent auto loans and vehicle repossessions rose in the U.S. by double-digit percentages in the first quarter of the year, Experian Automotive reported. The number of auto loans delinquent at least 60 days climbed 12.4% in the first quarter compared with the same period in 2012. Repossessions, meanwhile, surged 16.9% from a year earlier. Loans made by finance companies accounted for the increase in repossessions, Experian said. Repossession rates fell on loans from both banks and credit unions.
February 21, 2013 |
Experian Automotive's latest data on car loan delinquency rates holds bad news for the "repo man. " The auto loan industry's repossession rate plunged almost 28% in the fourth quarter of last year compared to the same quarter a year earlier and stands at just 0.46%. However, the number of borrowers delinquent in their payments for 60 days increased slightly in the quarter to 0.74% from 0.76%. It was the first rise for either 30- or 60-day loan delinquencies in the fourth quarter since 2009.
January 23, 2013 |
California's foreclosure crisis eased considerably during the final quarter of last year, with the number of homes entering foreclosure dropping to a six-year low. The steep decline, accompanied by a similar drop in home repossessions, clears the path for a quickened pace of recovery this year. Fewer foreclosures on the market should lead to higher home prices and a healthier real estate market. "Ultimately, fewer foreclosures means an even tighter market, which means a more rapid recovery," said Christopher Thornberg, a principal at Beacon Economics.
August 26, 2012 |
If you fall behind on the loan payments for your car, the lender may send a repossession company to get the vehicle back. Some things to know: •Don't expect a break. If your loan contract does not stipulate a grace period, the car can be repossessed without warning after you miss a payment. "What we are finding recently is that banks are much more aggressive about picking up the car on the first default," said Nancy Barron, a San Francisco consumer-rights attorney. •Even if you're current on your payments, a car can be repossessed for failing to meet other terms of your loan contract, such as not buying insurance for the vehicle.
April 18, 2012 |
Legislation aimed at regulating controversial Buy Here Pay Here used-car dealers, which charge steep interest rates and are quick to repossess vehicles, was approved by the state Senate Banking and Financial Institutions Committee. The bill, by Sen. Ted Lieu (D-Torrance), classifies the dealerships, which finance most of their own sales, as state-regulated lenders. "This bill regulates an unregulated industry," Lieu said. The bill cleared the committee on a party-line vote Wednesday, with five Democrats voting aye and two Republicans nay. The proposal now heads to the Senate Appropriations Committee and then to the Senate floor.
December 30, 2011 |
Car dealers have found a new way to profit from people with money trouble: leasing them hand-me-down vehicles. The deals are pitched to customers as the cheapest way to drive a used car off the lot, with the added benefit of an easy escape for those who can't keep up with the payments. Few customers are told about the advantages on the other side of the trade. Leases can allow dealerships to sidestep interest rate caps, and there are fewer financial disclosures rules than with a conventional car loan.