TransUnion: Florida Auto Loan Delinquencies Continue To Fall

According to the new report, delinquency rate of auto loan has fallen in the past year. TransUnion, national credit bureau, quarterly analysis of trends in the auto industry indicates that Florida has the 11th-highest auto loan delinquency rate in the nation. In the second quarter, the rate was approximately 0.67%, a 27.2 decrease from this time one year ago. TransUnion said that this is the 19th best improvement across the country.

Peter Turek, automotive vice president in TransUnion’s financial services group, in a news release:

“The national trend we are seeing continues to point to a clear improvement in payment behavior. Although part of the reason for the turnaround in delinquency rates is the influx of new, lower risk loans as we have noted before, consumers do not see a quick fix to the short-term economic and employment situation and are focusing their attention instead on savings and lower consumption of discretionary goods.”

CredAbility, a non-profit credit counseling group, ranked the state of Florida as third in its recent survey of most financially struggling states throughout the nation.

The recent auto-loan delinquency data provide “some indication, though very small, that the consumer-debt crisis seems to lessening,” said Richard Schram, a senior executive of CredAbility’s Central Florida unit. “But it is hard to tell that to the person out there who is about to lose their home or has been unemployed for more than a year.”

Similar News:

1. Good Times for Auto Loan Industry
2. Santander To Buy Citi’s Auto Loan Portfolio
3. US Auto Loan Defaults On The Rise, Experian and Standard & Poor Says
4. Chase, Capital One, Discover, and Citigroup Boost Profit from Declining U.S Credit Card Delinquencies
5. Mortgage Loan and Refinance Application Increased According to MBA