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6.3 million Americans are 90 days late on their auto loan payments
November 15, 2017 /
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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
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Posted in: Regional Business News
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