What rising auto loan delinquencies tell us about the economy 🚗
The average monthly car payment is up 13% to 19% from a year ago 📈
While consumer debt delinquency rates remain low, they are picking up.
In a blog post Monday, the Consumer Financial Protection Bureau flagged the rate at which loans for recently purchased cars have been going delinquent. From the post (emphasis added):
When looking at delinquency in the first two years after purchase, loans originated in 2…