Auto Loan Delinquencies Reach Highest Level Since Financial Crisis

Data from the New York Federal Reserve shows delinquent auto loans of approximately $23.27 billion as of December 31; auto loan delinquencies are now the highest they have been since the third quarter of 2008; the increase in auto loan delinquencies appears to be the result of expanded credit from auto financing companies to subprime borrowers; subprime borrowers accounted for approximately $280 billion in fourth quarter auto loans of which 75% were originated from auto finance companies.  Source