MSNBC just reported that the quantity of late payments for auto loans has slightly decreased over the first quarter of 2009 as compared with the final quarter in 2008. Consumers should not get too excited by this small amount of good news, as compared to the same period last year auto loan delinquencies are up a total of28%.
Some think that the subtle decrease in delinquent car loans may be a tell-tell sign that the economy is finally stabilizing, but the truth is, it is actually a normal behavior for the industry. According toPeter Turek, TransUnion's automotive vice president, there usually is a drop in car loan delinquency from the end of one calendar year compared to the beginning of the next. Turek reported that this years typical decrease was slightly smaller then last years drop.
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