The number of Americans who are more than 90 days late on their auto loan payments hit 7 million, but that's no reason to worry about the US economy.
The number of Americans who are at least 90 days behind on their auto loan payments hit a record 7 million, according to a report from the Federal Reserve Bank of New York.
You may have heard, but a lot of people are worried about the number of Americans who are falling behind on their car loans., raised alarms about the New York Federal Reserve's recent report which showed 7 million Americans are at least 90 days delinquent on their auto loans.could be a sign that a recessionBut there are some key details these worriers are missing, as well as clear evidence that auto loan debt won't push the US into a recession.
"In fact, these percentages would suggest that the overall auto loan stock is the highest quality that we have observed since our data began in 2000," the report said.So a record number of people in raw terms are delinquent on loans, but the percentage of people that are behind is still lower than previous highs. And the overall credit quality of those people holding the loans is the best on record.for the entire US economy, which has some commentators worried.
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