Posts from the ‘Delinquency Rate’ Category

Florida holds 8th rank in Auto Loan Delinquencies

In recent news, TransUnion, a credit and information management company, announced that auto loan, home mortgage and credit card delinquency rate has come down in the last quarter of 2009. Floridians have the eighth most auto loan delinquencies in the nation. The national average for auto loan delinquencies was 0.81 percent.

The reduced rate is a clear indication of economic recovery. However, complete recovery will take some time. We cannot expect all jobs lost to come back instantly. Market can slow down at a faster rate, but to go up, it requires a lot of time and effort. Americans who lost their jobs, suffered salary cuts, etc will need to have some patience and spend their dollars intelligently.

“US resident has to spend much of their income in paying off debts. Lowering that amount will help them save more dollars. This can be done through a loan modification procedure. Going for an auto loan modification is a much easier and hassle free process as it requires less time and documentation”.

Loan delinquencies can be avoided as it does no good to both parties i.e. lender and borrower. Thus, we can opt for an auto loan modification procedure which is cheap and takes only about 3-5 weeks to help us lower our monthly payments.

Bookmark and Share

Advertisements

Delinquency Rate for Auto Loans declined in the last quarter of 2009

According to TransUnion customer’s auto loan delinquency rate declined up to 6% in the fourth quarter as compared to the year earlier. The 60-day delinquency rate on auto loans dropped to 0.81 percent. This is a positive sign for the economy and a pleasant relief for banks and lenders.

Delinquency in simple terms means failing to do what law or duty requires. The more number of people delaying their loan payments, the higher the delinquency rate and the higher number of repossession and the more number of bad debts. Thus, a fall in delinquency rate is a sign of relief for consumers, banks, lenders and economy as a whole.

There are many reasons for the improving trends in auto loan repayments. “Auto dealers are offering attractive and favorable deals for buyers of new cars. Government’s Cash for Clunkers program was also very effective. Addition to this, the growing awareness of loan modification has made people opt for it and make payments regularly, thus, improving the delinquency rate”.

Bookmark and Share