Surge in Auto-Loan Delinquencies
Is Latest Trouble for the Economy
By JEFFREY MCCRACKEN and GREGORY ZUCKERMAN
December 6, 2007; Page A1
December 6, 2007; Page A1
First came housing loans and the subprime-mortgage crisis.
Now, signs of stress are creeping into another key consumer area: auto loans.
Delinquencies in the auto-loan market are ticking up to their highest level in several years. Lenders are tightening terms in some cases, and interest rates have risen from the rock-bottom levels of a few years ago. About $575 billion in loans for new and used cars are made annually, according to the National Automotive Finance Association.