TransUnion's Pete Turek issued his 2013 auto finance predictions this week. He expects the delinquency rate to remain consistent and debt per borrower to jump.
In their monthly sales forecast, J.D. Power and Associates and LMC Automotive predict that December will record a SAAR of 12.2 million units. The two firms also expect luxury share to reach its highest level since 2009.
A new report from the CFPB finds that credit cards dominate consumer reports, while debt collection topped the list of disputes.
The credit reporting agency attributes the rise in the auto loan 60-day delinquency rate to seasonal patterns, says the rate is still down 56 percent from a recession high of 0.86 percent.
Despite growing auto debt, the majority of states and cities are experiencing declines in their auto delinquency rates, which fell to a new low for the second consecutive quarter.
The national auto loan delinquency rate reached its lowest level since TransUnion began tracking the data in 1999, the company reported this week.
Automotive Compliance Consultants added 50 new dealership clients in the last six months and experienced a 12 percent increase in business last year.
TransUnion said this week that the ratio of auto loan borrowers 60 or more days past due will remain the same between now and 2012.
TransUnion’s Credit Risk Index declined for the seventh consecutive quarter, which the credit reporting agency partially attributed to low demand for credit. The one bright spot was demand for auto credit.
Automotive Compliance Consultants (ACC) has launched a new credit reporting bureau service that enable dealers to download credit reports from Experian, TransUnion and Equifax from the company’s Compliant Solved web dashboard.
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