U.S. Auto Loan Interest Rates and Delinquencies Q4 2017

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Led by a prolonged period of low interest rates, consumers now have a record $1.2 trillion1 in outstanding auto loan debt. Despite record high levels of issuance, the auto lending market shows signs of tightening. With auto delinquencies on the rise, consumers are facing higher interest rates on both new and used vehicles. In particular, over the last three years, subprime borrowers saw rates rise faster than the market as a whole. MagnifyMoney analyzed trends in auto lending and interest rates to determine what’s really going on under the hood of automotive financing.

Key insights

  • Overall auto delinquency is on the rise, and the first quarter of 2017 saw near-record volume ($8.27 billion) in new severely delinquent auto loans.2
  • Interest rates dipped last quarter, with average new car loan rates down to 5.11%. However, the new rates are still 82 basis points from their lows in late 2013.3
  • The average duration of auto loans (new vehicles) is up to 67.36 months. The longer loans make monthly payments more manageable even as interest rates rise.4
  • The median credit score for an auto loan borrower continues to rise. Currently, the median borrower has a 707 credit score.5
  • More than four out of five (85.1%) new car buyers use financing to buy a car.6
  • Just over half (53.8%) of used car buyers take out a loan to buy a car.7

Facts and figures

  • Average Interest Rate (New Car): 5.11%8
  • Average Interest Rate (Used Car): 8.84%9
  • Average Loan Size New: $29,15410
  • Average Loan Size Used: $17,32111
  • Median Credit Score for Car Loan: 7075
  • % of Auto Loans to Subprime Consumers: 31.1%12

Subprime auto loans

  • Total Subprime Market Value: $243 billion13
  • Average Subprime LTV: 110.5%14
  • Average Interest Rate (New Car): 10.98%15
  • Average Interest Rate (Used Car): 16.27%16
  • Average Loan Size (New Car): $28,60317
  • Average Loan Size (Used Car): $16,55718
  • % Leasing: 23.4%19

Prime auto loans

  • Total Prime Market Value: $747 billion20
  • Average Prime LTV: 96.2%21
  • Average Interest Rate (New Car): 4.03%22
  • Average Interest Rate (Used Car): 5.48%23
  • Average Loan Size (New Car): $32,72724
  • Average Loan Size (Used Car): $21,16225
  • % Leasing: 33.8%26

Auto loan interest rates

Interest rates for auto loans continue to remain near historic lows. Interest rates for used cars is now 8.84% on average. The average interest rate on new cars (including leases) is 5.11%. However, the historically low rates belie a tightening of auto lending, especially for subprime borrowers.

Source: Experian “State of Automotive Finance,” and MagnifyMoney.27

New loan interest rates

Source: Experian “State of Automotive Finance,” and MagnifyMoney.28

Consumer credit information company Experian reports that the average interest rate on all new auto loans was 5.11%, up 82 basis points from the trough five years earlier.29 Compared with the previous year, interest rates are up 37 basis points for new cars. The interest rate increase reflected underlying tightening in the auto loan market for new vehicles.

During the last few years, lenders tilted away from subprime borrowers. In the fourth quarter of 2017, just 9.37% of loans for new vehicles went to subprime borrowers compared with peak subprime lending of 11.48% in the fourth quarter of 2015. The movement away from subprime borrowers led to a smaller increase in new car interest rates.30

Source: Experian “State of Automotive Finance,” and MagnifyMoney.31

Across all credit scoring segments, borrowers taking out loans for new vehicles faced higher average borrowing rates compared with this time last year. Super-prime borrowers took on the largest average rate increase. Rates for this segment rose 54 points to 3.17% on average. Rates for super-prime borrowers are the highest they’ve been since the end of 2011.32

When comparing credit scores to lending rates, we see a slow tightening in the auto lending market since the end of 2013. The trend is especially pronounced among subprime and deep subprime borrowers. These borrowers face auto loan interest rates that are growing faster than the market average. However prime and super-prime rates are slowly starting to tighten as well. Consumers should expect to see the trend toward slightly higher interest rates continue until the economic climate changes.

Source: Experian “State of Automotive Finance,” and MagnifyMoney.33

Even with the tightening, interest rates remain near historic lows for borrowers with fair credit and above. However, the low rates aren’t translating to consumers paying less interest on their vehicle purchases. The estimated cost of interest on new vehicle purchases is now $4,443,34 up 49% from its low in the third quarter of 2013.

Source: Federal Reserve Board of St. Louis, Experian “State of Automotive Finance,” and MagnifyMoney.35

Growth in interest paid over the life of the loan stems from longer loans and higher average loan amounts. The average maturity for a new loan grew from 62.4 months in the third quarter of 2008 to 67.4 months.36 During the same time, average loan amounts for new vehicles grew 17.7% to $29,154.37

Used loan interest rates

Source: Experian “State of Automotive Finance,” and MagnifyMoney.38

Over the past year, interest rates for used vehicles plummeted to their lowest rates ever, but recent movements show that interest rates for used cars may be stabilizing or climbing. Year after year, used car interest rates increased by 34 basis points to 8.84%. The climb in average interest rates came despite the fact that borrowers now have better credit scores than ever before. In the fourth quarter of 2017, almost half of all used-car borrowers (48.5%) had prime or better credit. The year before, 47.8% of used borrowers were prime.39

Source: Experian “State of Automotive Finance.”40

On the whole, borrowers in the used car market face modest increases in interest rates compared with this time last year. The biggest increases came among subprime and nonprime borrowers who saw average rates increase by 57 basis points (.57%) and 52 basis points (.52%) respectively. The rate for subprime borrowers is now 16.27% on average — nonprime borrowers face rates of 10.01%. Interest rate hikes for subprime borrowers are part of a broader trend that started in 2009. Since 2009, interest rates for subprime borrowers are up nearly two full percentage points, and interest rates for deep subprime borrowers are up 3.5 percentage points.

Super prime and prime borrowers were somewhat insulated from the modest rate increases in the used market. Their rates rose by an average of 41 and 39 basis points respectively. Average rates for borrowers with super-prime credit is up to 3.8% — the prime rate to 5.48%.41 Despite the recent increases, interest rates for prime borrowers are still near historic lows.

Source: Experian “State of Automotive Finance” and MagnifyMoney.42

Rising interest rates mean that consumers are putting more money toward interest than they have in the past. The estimated total interest on a used car loan today is $4,202, up $454 from this time five years ago. Rising interest rates are not the only factor driving up interest rate expenses. A more important factor in the total interest cost is the longer average loan terms for used cars (61 months vs. 58 months),43 leading to more interest paid over the life of a car loan.

Source: Federal Reserve Board of St. Louis, Experian “State of Automotive Finance,” and MagnifyMoney.44

Auto loan interest rates and credit score

As of June 2017, the median credit score for all auto loan borrowers was 70745 The median credit score among auto loan borrowers is at its highest point in six years.

Source: Federal Reserve Bank of New York/Equifax Consumer Credit Panel. 46

In the third quarter of 2017, just 31.1% of all auto loans were issued to subprime borrowers compared with an average of 35% over the past three years. Ally Financial, the nation’s largest auto lender, limited subprime lending to just 8.8% of their auto loan portfolio, and Wells Fargo, the nation’s third largest auto lender, announced intentions to limit subprime auto lending to less than 10% of their auto portfolio. With fewer big banks lending to subprime borrowers, consumers may expect to see rising interest rates in that segment.

Source: Federal Reserve Bank of New York/Equifax Consumer Credit Panel, and MagnifyMoney.47

Total auto loan volume decreased dramatically between 2008 and 2010. During that time, subprime and deep subprime lending contracted faster than the rest of the market. Since early 2010, auto lending rebounded to near pre-recession levels, but subprime lending lagged in recovery. In the fourth quarter of 2017, banks issued $42.7 billion to subprime borrowers, well under the average $48.2 billion of subprime auto loans issued each quarter between 2005 and 2007.

Source: Federal Reserve Bank of New York/Equifax Consumer Credit Panel.48

Loan-to-value ratios and auto loan interest rates

One factor that influences auto loan interest rates is the initial loan-to-value (LTV) ratio. A ratio over 100% indicates that the driver owes more on the loan than the value of the vehicle. This happens when a car owner rolls “negative equity” into a new car loan.

Among prime borrowers, the average LTV was 96.18%.* Among subprime borrowers, the average LTV was 110.54%.**49 Both subprime and prime borrowers show improved LTV ratios from the 2007-2008 time frame.

*Average LTV reflects only securitized loans.

**Average LTV reflects only securitized loans.

Source: S&P Global Ratings.50

Research from the Experian market insight group51 showed that loan-to-value ratios well over 100% correlated to higher charge-off rates. As a result, car owners with higher LTV ratios can expect higher interest rates. An automotive finance market report from Experian52 showed that loans for used vehicles with 140% LTV had a 3.03% higher interest rate than loans with a 95%-99% LTV. Loans for new cars charged just a 1.28% premium for high LTV loans.

Auto loan term length and interest rates

On average, auto loans with longer terms result in higher charge-off rates. As a result, financiers charge higher interest rates for longer loans. Despite the higher interest rates, longer loans are becoming increasingly popular in both the new and used auto loan markets.

The average length to maturity for new car loans in the third quarter of 2017 is 67.4 months.53 For used cars, the average is 61.25 months.54 Loans for both new and used cars are now more than six months longer on average than they were in 2009. Based on data from Experian, the increase in average length to maturity is driven primarily by an increasing concentration of borrowers taking out loans requiring 61 to 72 months of maturity.55

In the fourth quarter of 2017, just 6.5% of all new vehicle loans had payoff terms of 48 months or less, and 31% of all loans had payoff periods of more than six years.56 Among used car loans, 16.5% of loans had payoff periods less than 48 months. Even more loans (17.5% of all used vehicle loans), had payoff periods longer than six years.57

Source: Federal Reserve Bank of St. Louis.58

Auto loan delinquency rates

Despite a trend toward more prime lending, we’ve seen deterioration in the rates and volume of severe delinquency. In the first quarter of 2017, $8.27 billion in auto loans fell into severe delinquency.59 This is near an all-time high.

Source: Federal Reserve Bank of New York and Equifax Consumer Credit Panel.60

Overall, 4.05% of all auto loans are severely delinquent. Delinquent loans have been on the rise since 2014, and the overall rate of delinquent loans is well above the pre-recession average of 2.3%.

Source: Federal Reserve Bank of New York/Equifax Consumer Credit Panel.61

Between 2007 and 2010, auto delinquency rates rose sharply, which led to a dramatic decline in overall auto lending. So far, the slow increase in auto delinquency between 2014 and the present has not been associated with a collapse in auto lending. In fact, the total outstanding balance is up 40% to $1.22 billion since 2014.62

However, the increase in auto delinquency means lenders may continue to tighten lending to subprime borrowers. Borrowers with subprime credit should make an effort to clean up their credit as much as possible before attempting to take out an auto loan. This is the best way to guarantee lower interest rates on auto loans.

Sources

  1. Quarterly Report on Household Debt and Credit February 2018.” Total Debt Balance and Its Composition: Auto Loans, from the Federal Reserve Bank of New York and Equifax Consumer Credit Panel. Accessed Feb. 20, 2018.
  2. Quarterly Report on Household Debt and Credit February 2018.” Transition into serious delinquency (90+ days): Auto Loans, from the Federal Reserve Bank of New York and Equifax Consumer Credit Panel. Accessed Feb. 20, 2018.
  3. State of the Automotive Finance Market,” New Car Average Rates – Page 26, from Experian. Accessed March 3, 2018.
  4. Board of Governors of the Federal Reserve System (U.S.), Average Maturity of New Car Loans at Finance Companies, Amount of Finance Weighted [DTCTLVENMNM], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/DTCTLVENMNM, October 2017. Accessed Feb. 21, 2018
  5. Quarterly Report on Household Debt and Credit February 2018.” Credit Score at Origination: Auto Loans, from the Federal Reserve Bank of New York and Equifax Consumer Credit Panel. Accessed Feb. 21, 2018.
  6. State of the Automotive Finance Market,” Percentage of Vehicles with Financing – Page 12, from Experian. Accessed March 3, 2018.
  7. State of the Automotive Finance Market,” Percentage of Vehicles with Financing – Page 26, from Experian.™ Accessed March 3, 2018.
  8. State of the Automotive Finance Market,” Avg New Rates – Page 26, from Experian.TM Accessed March 3, 2018.
  9. State of the Automotive Finance Market,” All Used Rates – Page 26, from Experian.TM Accessed March 3, 2018.
  10. “Board of Governors of the Federal Reserve System (US), Average Amount Financed for New Car Loans at Finance Companies [DTCTLVENANM], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/DTCTLVENANM, Oct. 2, 2017.
  11. “Board of Governors of the Federal Reserve System (US), Average Amount Financed for Used Car Loans at Finance Companies [DTCTLVEUANQ], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/DTCTLVEUANQ, Oct. 2, 2017.
  12. Quarterly Report on Household Debt and Credit February 2018.” Auto Loan Originations by Credit Score, from the Federal Reserve Bank of New York and Equifax Consumer Credit Panel. Accessed Feb. 21, 2018.
  13. “Calculated metric: “State of the Automotive Finance Market” Loan Balance Risk Distribution Q4 2017 – Page 5, from Experian,TM and “Quarterly Report on Household Debt and Credit February 2018.” Total Debt Balance and Its Composition: Auto Loans, from the Federal Reserve Bank of New York and Equifax Consumer Credit Panel. Accessed March 3, 2018

    (3.77% of All Loans Are Deep Subprime + 16.11% of All Loans Are Subprime) X ($1.221 trillion in Auto Loans)

  14. U.S. Auto Loan ABS Tracker: Full-Year 2017 And December 2017 Performance,” from S&P Global Ratings. Accessed March 3, 2018.
  15. State of the Automotive Finance Market,” New Car Subprime Average Rates, Page 26, from Experian.TM Accessed March 3, 2018
  16. State of the Automotive Finance Market,” Used Car Subprime Average Rates, Page 26, from Experian.TM Accessed March 3, 2018.
  17. State of the Automotive Finance Market,” Average Loan Amounts By Tier, Page 20, from Experian.TM Accessed March 3, 2018.
  18. State of the Automotive Finance Market,” Average Loan Amounts By Tier, Page 20, from Experian.TM Accessed March 3, 2018.
  19. State of the Automotive Finance Market,” % Leasing By Tier, Page 20, from Experian.™ Accessed March 3, 2018.
  20. “Calculated metric: “State of the Automotive Finance Market” Loan Balance Risk Distribution Q4 2017 – Page 5, from Experian,TM and “Quarterly Report on Household Debt and Credit February 2018.” Total Debt Balance and Its Composition: Auto Loans, from the Federal Reserve Bank of New York and Equifax Consumer Credit Panel. Accessed March 3, 2018.

    (42% of All Loans Are Prime + 19.17% of All Loans Are Super Prime) X ($1.221 trillion in Auto Loans)

  21. U.S. Auto Loan ABS Tracker: Full-Year 2017 And December 2017 Performance,” from S&P Global Ratings. Accessed March 3, 2018.
  22. State of the Automotive Finance Market,” Average Interest Rate Prime Rating (New Car), Page 26, from Experian.TM Accessed March 3, 2018.
  23. State of the Automotive Finance Market,” Average Interest Rate Prime Rating (Used Car), Page 26, from Experian.TM Accessed March 3, 2018.
  24. State of the Automotive Finance Market,” Average Loan Amounts By Tier, Page 20, from Experian.™ Accessed March 3, 2018.
  25. State of the Automotive Finance Market,” Average Loan Amounts By Tier, Page 20, from Experian.™ Accessed March 3, 2018.
  26. State of the Automotive Finance Market,” % Leasing By Tier, Page 17, from Experian.™ Accessed March 3, 2018.
  27. Graph 1 – Auto Loan Interest Rates, data compiled from historic Experian State of Automotive Finance Reports. Accessed Feb. 21, 2018.
  28. Graph 2 – Average New Vehicle Interest Rates, data compiled from historic Experian State of Automotive Finance Reports. Accessed Feb. 21, 2018.
  29. State of the Automotive Finance Market,” Average Interest Rate Prime Rating (New Car), Page 26, from Experian.TM Accessed March 3, 2018.
  30. State of the Automotive Finance Market,” New Loan Risk Distribution, Page 16, from Experian.™ Accessed March 3, 2018.
  31. Graph 3 – % of New Car Loans Issued to Subprime Borrowers, data compiled from historic Experian State of the Automotive Finance Market reports.
  32. Average Interest Rate by Credit Score, data compiled from historic Experian State of Automotive Finance reports.
  33. Graph 4 – Average Interest Rate by Credit Score (New Car Loans), data compiled from historic Experian State of Automotive Finance reports.
  34. Calculated metric: Total Interest over the Life an Auto Loan (New Car).
    1. Board of Governors of the Federal Reserve System (U.S.), Average Amount Financed for New Car Loans at Finance Companies [DTCTLVENANM], retrieved from FRED, Federal Reserve Bank of St. Louis;
    2. Board of Governors of the Federal Reserve System (U.S.), Average Maturity of New Car Loans at Finance Companies, Amount of Finance Weighted [DTCTLVENMNM], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/DTCTLVENMNM, Accessed Feb. 21, 2018.
    3. Average New Car Interest Rate, data compiled from historic Experian State of Automotive Finance reports.

    Calculated Total Interest is Amortized Interest as a function of Average Amount Financed,a Average Interest Rate on New Cars,c and Average Length to Maturity of new car loans.b

  35. Graph 5 – Estimated Interest on New Car Loan.
    1. Board of Governors of the Federal Reserve System (U.S.), Average Amount Financed for New Car Loans at Finance Companies [DTCTLVENANM], retrieved from FRED, Federal Reserve Bank of St. Louis;
      https://fred.stlouisfed.org/series/DTCTLVENANM, Accessed Feb. 21, 2018.
    2. Board of Governors of the Federal Reserve System (US), Average Maturity of New Car Loans at Finance Companies, Amount of Finance Weighted [DTCTLVENMNM], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/DTCTLVENMNM, Accessed Feb. 21, 2018.
    3. Average New Car Interest Rate, data compiled from historic Experian State of Automotive Finance reports.

    Calculated Total Interest is Amortized Interest as a function of Average Amount Financed,a Average Interest Rate on New Cars,c and Average Length to Maturity of new car loans.b

  36. “Board of Governors of the Federal Reserve System (U.S.), Average Maturity of New Car Loans at Finance Companies, Amount of Finance Weighted [DTCTLVENMNM], retrieved from FRED, Federal Reserve Bank of St. Louis;
    https://fred.stlouisfed.org/series/DTCTLVENMNM, Accessed Feb. 21, 2018.
  37. Board of Governors of the Federal Reserve System (U.S.), Average Amount Financed for New Car Loans at Finance Companies [DTCTLVENANM], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/DTCTLVENANM, Accessed Feb. 21, 2018.
  38. Graph 6 – Average Used Vehicle Interest Rates, data compiled from historic Experian State of Automotive Finance reports.
  39. State of the Automotive Finance Market,” Used Car Loan Risk Distribution, Page 16, from Experian.TM Accessed March 3, 2018.
  40. “Graph 7 – Lending By Credit Score Q4 2016 vs. Q4 2017 “State of the Automotive Finance Market,” Used Car Loan Risk Distribution, Page 16, from Experian.TM Accessed March 3, 2018.
  41. State of the Automotive Finance Market,” Average Loan Rates By Credit Tier (Used Cars), Page 26, from Experian.™ Accessed March 3, 2018.
  42. Graph 8 – Average Interest Rate by Credit Score (Used Car Loans), data compiled from historic Experian State of Automotive Finance reports.
  43. Board of Governors of the Federal Reserve System (US), Average Maturity of Used Car Loans at Finance Companies, Amount of Finance Weighted [DTCTLVEUMNQ], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/DTCTLVEUMNQ, Feb. 26, 2018
  44. Graph 9 – Calculated metric: Estimated Interest on Used Car Loans.
    1. Board of Governors of the Federal Reserve System (U.S.), Average Amount Financed for Used Car Loans at Finance Companies [DTCTLVEUANQ], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/DTCTLVEUANQ, Feb. 26, 2018
    2. Board of Governors of the Federal Reserve System (US), Average Maturity of Used Car Loans at Finance Companies, Amount of Finance Weighted [DTCTLVEUMNQ], retrieved from FRED, Federal Reserve Bank of St. Louis;
      https://fred.stlouisfed.org/series/DTCTLVEUMNQ, Feb. 26, 2018
    3. Average Used Car Interest Rate, data compiled from historic Experian State of Automotive Finance reports.

    Calculated Total Interest is Amortized Interest as a function of Average Amount Financed,a Average Interest Rate on New Cars,c and Average Length to Maturity of new car loans.b

  45. Quarterly Report on Household Debt and Credit February 2018.” Credit Score at Origination: Auto Loans, from the Federal Reserve Bank of New York and Equifax Consumer Credit Panel. Accessed Feb. 26, 2018.
  46. Graph 10 – Credit Score at Auto Loan Origination “Quarterly Report on Household Debt and Credit February 2018.” Credit Score at Origination: Auto Loans, from the Federal Reserve Bank of New York and Equifax Consumer Credit Panel. Accessed Feb. 26, 2018.
  47. Graph 11 – % of New Loans Issued to Subprime Borrowers. Calculated metric from “Quarterly Report on Household Debt and Credit August 2017.” Auto Loan Originations by Credit Score ((<620+620-659)/Total Lending), from the Federal Reserve Bank of New York and Equifax Consumer Credit Panel. Accessed Sept. 7, 2017.
  48. Graph 12 – Auto Loan Origination by Credit Tier “Quarterly Report on Household Debt and Credit August 2017.” Auto Loan Originations by Credit Score, from the Federal Reserve Bank of New York and Equifax Consumer Credit Panel. Accessed July 17, 2017.
  49. U.S. Auto Loan ABS Tracker: Full-Year 2017 And December 2017 Performance,” from S&P Global Ratings. Accessed Feb. 26, 2018.
  50. Graph 13 – Average LTV at Auto Loan Origination “U.S. Auto Loan ABS Tracker: Full-Year 2017 And December 2017 Performance,” from S&P Global Ratings. Accessed Feb. 26, 2018.
  51. Understanding automotive loan charge-off patterns can help mitigate lender risk,” from Experian.TM Accessed Feb. 26, 2018.
  52. State of the Automotive Finance Market Q4 2010,” Pages 25-26, from Experian.TM
  53. Board of Governors of the Federal Reserve System (U.S.), Average Maturity of New Car Loans at Finance Companies, Amount of Finance Weighted [DTCTLVENMNM], retrieved from FRED, Federal Reserve Bank of St. Louis;
    https://fred.stlouisfed.org/series/DTCTLVENMNM, February 26, 2018.
  54. “Board of Governors of the Federal Reserve System (US), Average Maturity of Used Car Loans at Finance Companies, Amount of Finance Weighted [DTCTLVEUMNQ], retrieved from FRED, Federal Reserve Bank of St. Louis;
    https://fred.stlouisfed.org/series/DTCTLVEUMNQ, February 26, 2018.
  55. State of the Automotive Finance Market,” Percentage of new loans by Term, Page 23, from Experian.™Accessed February 26, 2018.
  56. Calculated metric: “State of the Automotive Finance Market,” Percentage of new loans by Term, Page 22, from Experian.™ Accessed March 3, 2018.
  57. “Calculated metric: “State of the Automotive Finance Market,” Percentage of new loans by Term, Page 22, from Experian.TM Accessed March 3, 2018.
  58. Graph 14 – Average Auto Loan Length to Maturity (Months).
    1. Board of Governors of the Federal Reserve System (US), Average Maturity of New Car Loans at Finance Companies, Amount of Finance Weighted [DTCTLVENMNM], retrieved from FRED, Federal Reserve Bank of St. Louis;
      https://fred.stlouisfed.org/series/DTCTLVENMNM, Accessed February 26, 2018.
    2. Board of Governors of the Federal Reserve System (US), Average Maturity of Used Car Loans at Finance Companies, Amount of Finance Weighted [DTCTLVEUMNQ], retrieved from FRED, Federal Reserve Bank of St. Louis;
      https://fred.stlouisfed.org/series/DTCTLVEUMNQ, Accessed February 26, 2018.
  59. Graph 15 – New Severely Delinquent Auto Loans (90+ Days) “Quarterly Report on Household Debt and Credit August 2017.” Transition into serious delinquency (90+ days): Auto Loans, from the Federal Reserve Bank of New York and Equifax Consumer Credit Panel. Accessed September 7, 2017.
  60. Quarterly Report on Household Debt and Credit February 2018.” Total Debt Balance and Its Composition: Auto Loans, from the Federal Reserve Bank of New York and Equifax Consumer Credit Panel. Accessed February 26, 2018. (Q1 2014 compared to Q4 2017.)
  61. Graph 16 – % of All Loans Severely Delinquent “Quarterly Report on Household Debt and Credit February 2018.” % of Balance 90+ Days Delinquent: Auto Loans, from the Federal Reserve Bank of New York and Equifax Consumer Credit Panel. Accessed February 26, 2018.
  62. Quarterly Report on Household Debt and Credit February 2018.” Total Debt Balance and Its Composition: Auto Loans, from the Federal Reserve Bank of New York and Equifax Consumer Credit Panel. Accessed February 26, 2018.

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Hannah Rounds
Hannah Rounds |

Hannah Rounds is a writer at MagnifyMoney. You can email Hannah here

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