Drivers Struggle to Pay Car Loans

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Posted: 8:14 AM Oct 8, 2008
Last Updated: 8:14 AM Oct 8, 2008
Reporter: Malorie Maddox
Email Address: sixonline@wowt.com

2 comments

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It's getting harder for car owners to pay on time.

A report by Global Information Solutions Company Experian Automotive says about $25 Billion in auto loans are past due.

Lenders saw a 9% increase in loans 30 days past due in the second quarter of 2008 from a year earlier, and a 11% increase in loans 60 days past due.

Analysts still call the delinquency rate "manageable," with less than 4% of 30 or 60 day loans past due.

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Posted by: Janelle on Oct 8, 2008 at 04:46 PM
This is what happens to financially irresponsible people. Live within your means, create a emergency saving account, don't get a new car every couple years. Dumb people.

Posted by: ah geez on Oct 8, 2008 at 09:00 AM
First people losing their homes, now they can't pay for their cars? Something tells me these people shouldn't have had loans in the first place...