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Auto loan delinquencies decline to end 2011Posted On Fri, March 2, 2012
TransUnion recently released a report showing the auto delinquency rate declined nationally for the ninth consecutive quarter.
During the fourth quarter, the rate of delinquent borrowers who were past due by 60 days or more dropped to 0.46 percent from the same point in 2010's figure of 0.59 percent, according to the report. The third quarter had a level of 0.47 percent. The quarter did not witness a rise,l which was the third point in the past decade where this did not occur in the fourth quarter.
"Ending the year flat is particularly interesting, because the number of new auto loans coming onto the books has consistently increased since the end of the recession, a primary driver of which has been an expansion in lending to consumers in the subprime market," said Peter Turek, automotive vice president for TransUnion's financial services business unit.
Consumers who are struggling with the cost of their vehicle may want to try to save in other aspects of driving. Being frugal about gasoline is one way, but another may be to compare auto insurance rates to find the least expensive option.
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