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Rising Auto Loan Delinquencies and High Monthly Payments

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Abstract

Delinquency rates on auto loans rose substantially to above pre-pandemic levels by the end of 2023, after falling to historical lows during the COVID-19 pandemic. Because auto loans are an important sector in consumer credit, accounting for about 25 percent of nonmortgage consumer credit, a deeper analysis of the increase in delinquencies can give insights into the financial health of borrowers in consumer credit markets and overall household financial well-being.

Suggested Citation

  • Robert M. Adams & Vitaly M. Bord & Haja Sannoh, 2024. "Rising Auto Loan Delinquencies and High Monthly Payments," FEDS Notes 2024-09-26, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgfn:2024-09-26
    DOI: 10.17016/2380-7172.3623
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    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. The rising average value-weighted maturity of car loans : Driving cars longer or borrowing more to buy them?
      by ? in FRED blog on 2024-12-26 14:00:00

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