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6.3 million Americans are 90 days late on their auto loan payments

Some have started to compare what’s happening in the auto loan market to the home mortgage crisis that helped trigger the Great Recession and financial crisis of 2008-2009.

There are 6.3 million Americans who are 90 days late — or more — on their auto loan payments, an increase of about 400,000 from a year ago. When someone gets so far behind on their payments, they typically end up losing their vehicle.

The delinquency rate on autos has been steadily rising since 2011, a red flag at a time when the unemployment rate has been falling.

By Heather Long

https://www.washingtonpost.com/news/wonk/wp/2017/11/14/6-3-million-americans-are-90-days-late-on-their-auto-loan-payments/?utm_term=.630dc3445977

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