Experian Automotive: Outstanding auto loan balances reach record high of $839.1 billion
Schaumburg, Ill., Aug. 20, 2014 — Experian Automotive today announced that outstanding automotive loan balances reached an all-time high in the second quarter of 2014. According to its latest State of the Automotive Finance Market report, the total dollar amount of automotive loan balances outstanding hit $839.1 billion, up 11.7 percent from the previous year.
Further findings from the report showed that, while still at near historic lows, 60-day loan delinquencies increased by 7 percent to 0.62 percent in Q2 2014 from 0.58 percent the previous year. Additionally, 30-day delinquencies showed a slight increase, going from 2.38 percent to 2.39 percent over the same time period. Moreover, the total balance of loans that are 60-days delinquent has increased by $859 million since Q2 2013, while the balance of 30-day delinquent loans has increased by $2.8 billion from a year earlier.