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Auto Loan Delinquency Rates Are Rising, but Mostly among Subprime Borrowers

Author

Listed:
  • Jason Brown
  • Colton Tousey

Abstract

Steady increases in U.S. auto debt over the past seven years have raised concerns over credit quality and delinquency in consumers' repayment. We investigate these concerns and find that the credit quality of auto debt has actually improved throughout the current expansion. Delinquency rates have been rising mostly among subprime borrowers, who represent about a quarter of total outstanding auto debt. However, the potential risks to the financial sector are currently unknown and warrant close monitoring.

Suggested Citation

  • Jason Brown & Colton Tousey, 2018. "Auto Loan Delinquency Rates Are Rising, but Mostly among Subprime Borrowers," Macro Bulletin, Federal Reserve Bank of Kansas City, issue August 15, pages 1-4, August.
    • Handle: RePEc:fip:fedkmb:00067
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    File URL: https://www.kansascityfed.org/documents/5624/Auto_Loan_Delinquency_Rates_Are_Rising_but_Mostly_among_Subprime_Borrowers4F6A83B6-A1C.pdf
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    More about this item

    Keywords

    Auto Debt; Auto Loans; Credit;
    All these keywords.

    JEL classification:

    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth

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