Although 60-day automotive loan delinquencies fell 1.7 percent at a national level when comparing Q1 2014 to Q1 2013, twenty-two states actually experienced a delinquency increase. Delaware showed the sharpest increase, moving up by nearly 10 percent. Other states among the top five for increased 60-day delinquencies include:
- Montana – 8.9 percent increase
- Nebraska – 7.9 percent increase
- Iowa – 6.6 percent increase
- New Jersey – 5.8 percent increase
With so many states experiencing increases in automotive loan delinquencies, lenders need to monitor and adjust credit risk strategies regularly in order to minimize risk.
