June 16, 2024
News

April sees delinquencies approaching 3.5% in auto finance industry

Short-term arrears are increasing as credit availability remains limited and high monthly payments continue to pressure consumers. The proportion of automobile loan balances more than 30 days overdue was 2.7% in the first quarter of 2024, a 48 bps increase from a year earlier, according to Experian’s Q1 State of the Automotive […]

FAQ

Here are some frequently asked questions about delinquencies:

  • What are the main causes of delinquencies?
  • How can consumers avoid falling behind in their payments?
  • What impact do delinquencies have on credit scores?

Conclusion

Short-term delinquencies are a growing concern in the current financial landscape. It is important for consumers to be vigilant about their loan payments and seek assistance if they are struggling to make payments on time. By staying informed and proactive, individuals can better manage their financial responsibilities and avoid the negative consequences of delinquencies.

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