The South Florida Business Journal recently reported that “Florida was among the top states in the country with car loan debt during the fourth quarter, according to the New York Federal Reserve’s latest Quarterly Report on Household Debt and Credit. More than seven million Americans were at least 90 days delinquent on their car loans in the fourth quarter of 2018, when Americans had almost $1.3 trillion of outstanding auto debt.”
A car loan statistics site, Finder, had similar reports of Americans falling behind on car loans, noting that in 2017, the U.S. saw $568.6 billion in auto loans with the numbers seeming to continue their upward trend. The bad news was the number of missing payment with 4.1 percent of accounts delinquent 90 days or more at the end of that same year.
For more details click here.
LEVERAGE offers GPS tracking partner, Passtime, to minimize risks on auto loans. Read more here.