Accessible Version
Rising Auto Loan Delinquencies and High Monthly Payments, Accessible Data
Figure 1. Auto Loan Delinquency Rates
Percent
Date | Seasonally Adjusted Auto Loan Delinquency Rates |
---|---|
3/31/2000 | 3.274291988 |
6/30/2000 | 3.387343015 |
9/30/2000 | 3.404417889 |
12/31/2000 | 3.408442756 |
3/31/2001 | 3.632887558 |
6/30/2001 | 3.473531563 |
9/30/2001 | 3.604842564 |
12/31/2001 | 3.633978417 |
3/31/2002 | 3.612561053 |
6/30/2002 | 3.603202203 |
9/30/2002 | 3.619637396 |
12/31/2002 | 3.576931195 |
3/31/2003 | 3.533526632 |
6/30/2003 | 3.457541636 |
9/30/2003 | 3.131152412 |
12/31/2003 | 3.017376947 |
3/31/2004 | 2.986106233 |
6/30/2004 | 2.860869462 |
9/30/2004 | 2.987706723 |
12/31/2004 | 2.895969427 |
3/31/2005 | 2.8340928 |
6/30/2005 | 2.864526917 |
9/30/2005 | 2.813607786 |
12/31/2005 | 2.958700025 |
3/31/2006 | 3.059904598 |
6/30/2006 | 3.243229543 |
9/30/2006 | 3.346294583 |
12/31/2006 | 3.419373277 |
3/31/2007 | 3.415898601 |
6/30/2007 | 3.520767238 |
9/30/2007 | 3.671216817 |
12/31/2007 | 3.82953207 |
3/31/2008 | 4.01880109 |
6/30/2008 | 4.2393063 |
9/30/2008 | 4.355280213 |
12/31/2008 | 4.517268635 |
3/31/2009 | 4.571379523 |
6/30/2009 | 4.537461849 |
9/30/2009 | 4.533755696 |
12/31/2009 | 4.291807335 |
3/31/2010 | 4.07012439 |
6/30/2010 | 3.845786566 |
9/30/2010 | 3.559533228 |
12/31/2010 | 3.36986727 |
3/31/2011 | 3.257399343 |
6/30/2011 | 3.052136037 |
9/30/2011 | 3.002379604 |
12/31/2011 | 2.867034109 |
3/31/2012 | 2.725868952 |
6/30/2012 | 2.790087497 |
9/30/2012 | 2.724237317 |
12/31/2012 | 2.771806825 |
3/31/2013 | 2.806909878 |
6/30/2013 | 2.772065137 |
9/30/2013 | 2.795896223 |
12/31/2013 | 2.794916178 |
3/31/2014 | 2.865452613 |
6/30/2014 | 2.882132963 |
9/30/2014 | 2.931111655 |
12/31/2014 | 2.965937874 |
3/31/2015 | 2.896090467 |
6/30/2015 | 2.946893275 |
9/30/2015 | 3.024186938 |
12/31/2015 | 3.023262118 |
3/31/2016 | 3.0794797 |
6/30/2016 | 3.153612549 |
9/30/2016 | 3.085129837 |
12/31/2016 | 3.175590489 |
3/31/2017 | 3.086151076 |
6/30/2017 | 3.141048663 |
9/30/2017 | 3.167247455 |
12/31/2017 | 3.031032124 |
3/31/2018 | 3.053087515 |
6/30/2018 | 3.023032107 |
9/30/2018 | 2.945423273 |
12/31/2018 | 2.978564753 |
3/31/2019 | 2.979957218 |
6/30/2019 | 2.980833441 |
9/30/2019 | 3.02281519 |
12/31/2019 | 2.986827983 |
3/31/2020 | 3.012178351 |
6/30/2020 | 2.353934059 |
9/30/2020 | 2.316633208 |
12/31/2020 | 2.353871084 |
3/31/2021 | 2.332926635 |
6/30/2021 | 2.219477803 |
9/30/2021 | 2.3424152 |
12/31/2021 | 2.417651333 |
3/31/2022 | 2.635136737 |
6/30/2022 | 2.780281609 |
9/30/2022 | 2.939185007 |
12/31/2022 | 3.239180726 |
3/31/2023 | 3.271725143 |
6/30/2023 | 3.554502071 |
9/30/2023 | 3.598996737 |
12/31/2023 | 3.620377922 |
3/31/2024 | 3.787437264 |
6/30/2024 | 3.806592832 |
Note: Delinquency rate measures the fraction of balances that are at least 30 days past due, excluding severe derogatory loans. Data are seasonally adjusted.
Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax.
Figure 2. Cumulative Delinquency
Percent
Quarters since Origination | 2011-2019 Rates | 2020 Rates | 2021 Rates | 2022 Rates | 2023 Rates |
---|---|---|---|---|---|
0 | 0.0257184 | 0.0432499 | 0.0209482 | 0.025852 | 0.0062407 |
1 | 1.09002825 | 0.9190609 | 0.6781969 | 1.227972 | 1.223184 |
2 | 2.787660667 | 2.299969 | 2.076487 | 3.228633 | 3.156252 |
3 | 4.26545025 | 3.662342 | 3.38182 | 5.042584 | 4.849052 |
4 | 5.44296375 | 4.794563 | 4.496 | 6.240395 | 6.178329 |
5 | 6.50530775 | 5.603954 | 5.616727 | 7.537306 | 7.342227 |
6 | 7.5326985 | 6.473587 | 6.63795 | 8.700647 | |
7 | 8.46959225 | 7.321594 | 7.584546 | 9.720367 | |
8 | 9.15064775 | 7.988879 | 8.222156 | 10.54763 | |
9 | 9.718543 | 8.619092 | 8.937012 | 11.34043 | |
10 | 10.2865695 | 9.230769 | 9.551055 | ||
11 | 10.849555 | 9.769849 | 10.12713 | ||
12 | 11.334825 | 10.14056 | 10.57751 | ||
13 | 11.69728 | 10.5051 | 11.03445 | ||
14 | 12.0229425 | 10.88662 | |||
15 | 12.3305625 | 11.17702 | |||
16 | 12.546305 | 11.41644 | |||
17 | 12.74479 | 11.60952 | |||
18 | 12.9109375 | ||||
19 | 13.0739675 | ||||
20 | 13.1996475 | ||||
21 | 13.3298275 | ||||
22 | 13.72117333 | ||||
23 | 13.81197667 | ||||
24 | 13.88547667 |
Note: For brevity, the figure only includes loans originated in Q1 of each year.
Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax.
Figure 3. Average Monthly Payment
Dollars
Credit Bins | Monthly Payment - 2011 to 2019 | Monthly Payment - 2020 | Monthly Payment - 2021 | Monthly Payment - 2022 | Monthly Payment - 2023 |
---|---|---|---|---|---|
<320 | 376.453309 | 401.2911765 | 422.0376569 | 452.9758065 | 499.1666667 |
340 | 382.4246981 | 410.0471698 | 428.1766234 | 484.6431818 | 510.9381443 |
360 | 389.5116809 | 414.7592267 | 436.4494015 | 475.0916104 | 521.6366158 |
380 | 390.9556836 | 416.7116844 | 439.1860921 | 499.7521912 | 562.2281818 |
400 | 392.1930098 | 426.4325872 | 463.111715 | 522.9054441 | 552.9569632 |
420 | 399.4578914 | 436.4403758 | 466.6783 | 527.7188755 | 573.1133596 |
440 | 401.3256306 | 437.2287031 | 473.7175238 | 544.7095575 | 583.4259195 |
460 | 401.3193796 | 439.7255261 | 478.7793321 | 546.6755214 | 576.8329075 |
480 | 402.329063 | 441.5203484 | 488.2510463 | 547.4862877 | 577.0813861 |
500 | 403.7667853 | 441.0621027 | 486.5554622 | 549.7839126 | 576.2556187 |
520 | 405.527044 | 438.9688939 | 482.0068744 | 547.7705248 | 573.7746325 |
540 | 405.154411 | 441.7688516 | 486.3321967 | 553.1659188 | 575.1044145 |
560 | 405.7604953 | 443.1840431 | 485.4119476 | 555.2181249 | 579.8988437 |
580 | 411.6968319 | 452.7658954 | 494.866464 | 565.5849817 | 589.2237293 |
600 | 418.3823899 | 463.9304411 | 506.7973423 | 577.4509395 | 601.3158861 |
620 | 414.3762385 | 463.8573399 | 508.1751089 | 574.4856241 | 596.1036007 |
640 | 412.4870731 | 463.0020316 | 508.1174959 | 574.7179924 | 598.2666227 |
660 | 412.7924569 | 463.2401658 | 510.6281476 | 578.354104 | 603.0425212 |
680 | 415.4243739 | 464.673337 | 511.6362347 | 580.703894 | 609.8372652 |
700 | 413.9369623 | 464.0594813 | 510.5132441 | 578.7873663 | 607.0797241 |
720 | 414.2784506 | 463.4856703 | 509.6344533 | 574.9230248 | 602.5241823 |
740 | 415.9533173 | 463.3007695 | 508.8596352 | 575.9383275 | 603.4649856 |
760 | 422.6589893 | 471.8160467 | 517.9592081 | 589.3553003 | 619.5258468 |
780 | 434.9205824 | 488.473132 | 533.7310602 | 611.6708801 | 645.8714771 |
800 | 427.4549701 | 481.1928125 | 521.3993085 | 593.4523216 | 629.0938406 |
820 | 427.417195 | 476.8860582 | 510.1967636 | 580.3681321 | 616.9360038 |
>820 | 443.764219 | 475.6132867 | 502.9588425 | 571.8436088 | 610.5789298 |
Note: Average monthly payment for new and used cars by 20 point credit score bin. Data for 2023 are through August.
Source: Experian Autocount.
Figure 4. Average Loan Size and Interest Rate
Panel A: Average Loan Size
Thousands of dollars
Credit Bins | Average Loan Size - 2011 to 2019 | Average Loan Size - 2020 | Average Loan Size - 2021 | Average Loan Size - 2022 | Average Loan Size - 2023 |
---|---|---|---|---|---|
<320 | 13.24859697 | 14.03530294 | 15.03395397 | 17.01219758 | 19.61521528 |
340 | 14.05070869 | 14.60246981 | 15.93675584 | 17.87036591 | 19.02394845 |
360 | 14.77287415 | 15.1874504 | 16.43395103 | 17.96996046 | 19.90927878 |
380 | 15.07920165 | 15.59524962 | 16.77450539 | 19.19733147 | 22.47422091 |
400 | 15.28394318 | 16.47625612 | 18.15603321 | 21.05774069 | 22.72600242 |
420 | 15.89890209 | 17.17756661 | 18.55822657 | 21.69629679 | 23.94098688 |
440 | 15.93602729 | 17.33877551 | 19.06124511 | 22.88352607 | 24.84258388 |
460 | 15.85465329 | 17.59658864 | 19.44160637 | 22.89320884 | 24.41812956 |
480 | 16.1232885 | 17.89394832 | 20.09862054 | 23.08655005 | 24.28424676 |
500 | 16.39922355 | 17.95550607 | 20.19305654 | 23.29018124 | 24.11928567 |
520 | 16.72609027 | 17.9611314 | 20.17570364 | 23.52413592 | 24.10841877 |
540 | 17.13482402 | 18.65894042 | 20.92108215 | 24.28732976 | 24.53170024 |
560 | 17.76000252 | 19.40189174 | 21.57233699 | 25.20229013 | 25.38101031 |
580 | 18.92974027 | 20.89841113 | 23.10009472 | 26.81741304 | 26.7519226 |
600 | 20.55448967 | 22.95434383 | 25.23970276 | 28.95746289 | 28.509741 |
620 | 21.42538318 | 24.22491921 | 26.69699122 | 30.07763593 | 29.14801776 |
640 | 22.32941647 | 25.38585264 | 28.08753022 | 31.40266332 | 30.35929541 |
660 | 23.12155369 | 26.35762446 | 29.3942019 | 32.62503627 | 31.46855953 |
680 | 23.9998594 | 27.50663877 | 30.62799159 | 34.05407267 | 33.00719728 |
700 | 24.360487 | 28.19056636 | 31.31805665 | 34.78465251 | 33.69235113 |
720 | 24.61793086 | 28.56171572 | 31.71372047 | 35.01136572 | 33.91014389 |
740 | 24.73948996 | 28.67578886 | 31.72663314 | 35.17956857 | 34.12134536 |
760 | 24.96814848 | 29.12519348 | 32.14840827 | 35.81330656 | 34.85903548 |
780 | 25.38762343 | 29.93462864 | 32.86666464 | 36.7771799 | 36.05598131 |
800 | 24.50792254 | 29.03157924 | 31.56279012 | 35.01378061 | 34.39993284 |
820 | 23.94947358 | 28.06838411 | 30.09525522 | 33.24347037 | 32.78732203 |
>820 | 23.99656614 | 27.00502192 | 28.41592378 | 31.31456788 | 31.13675646 |
Panel B: Average Interest Rate
Percent
Credit Bins | Loan Rate - 2011 to 2019 | Loan Rate - 2020 | Loan Rate - 2021 | Loan Rate - 2022 | Loan Rate - 2023 |
---|---|---|---|---|---|
<320 | 20.88386894 | 21.87769697 | 21.34923423 | 21.07785714 | 21.12768116 |
340 | 20.70771561 | 21.2461583 | 20.52308108 | 21.58876168 | 21.77039568 |
360 | 19.78904988 | 21.26827712 | 20.78407615 | 20.99846154 | 21.82376252 |
380 | 19.29648811 | 20.48697017 | 20.13218814 | 20.36517069 | 20.67630975 |
400 | 18.45113458 | 19.84580347 | 19.5969 | 19.33128922 | 19.7535101 |
420 | 18.6814513 | 19.86956631 | 19.43652174 | 19.16160829 | 19.47344061 |
440 | 18.69267577 | 19.77061475 | 19.38991639 | 18.95863587 | 19.04841391 |
460 | 18.46919367 | 19.61329688 | 19.35746455 | 19.0084078 | 19.1440643 |
480 | 18.19997154 | 19.24930995 | 18.95348978 | 18.80761336 | 19.42300428 |
500 | 17.89277025 | 19.20353313 | 18.85740752 | 18.61619087 | 19.41999156 |
520 | 17.61893255 | 19.24172533 | 18.73669599 | 18.37774356 | 19.28816147 |
540 | 16.89665738 | 18.31343266 | 17.84982129 | 17.66084389 | 18.93998387 |
560 | 15.94193917 | 17.23396283 | 16.87427261 | 16.60161868 | 18.14634184 |
580 | 14.6082093 | 15.88187596 | 15.53555687 | 15.32733623 | 17.08566245 |
600 | 12.62286875 | 13.88663018 | 13.57148671 | 13.55459909 | 15.72733707 |
620 | 10.80172028 | 12.06740146 | 11.76256172 | 12.08350209 | 14.54507025 |
640 | 9.055277265 | 10.21544208 | 9.906476176 | 10.45407149 | 13.06904405 |
660 | 7.695788026 | 8.750579837 | 8.350764633 | 9.147351373 | 11.88593514 |
680 | 6.482889856 | 7.199827847 | 6.798134337 | 7.654183791 | 10.40371499 |
700 | 5.616466606 | 6.134590009 | 5.702003229 | 6.579002018 | 9.272058721 |
720 | 4.850431669 | 5.291306852 | 4.848640568 | 5.751240421 | 8.355852594 |
740 | 4.301871649 | 4.733916872 | 4.296673037 | 5.189938278 | 7.71140395 |
760 | 3.90233468 | 4.297710237 | 3.859310918 | 4.724325345 | 7.163025051 |
780 | 3.654770901 | 4.003322139 | 3.568693742 | 4.406984977 | 6.793232386 |
800 | 3.464704917 | 3.787788798 | 3.362723685 | 4.19349757 | 6.515394702 |
820 | 3.293747054 | 3.588613737 | 3.175722845 | 4.012715161 | 6.204859484 |
>820 | 3.13405447 | 3.399363329 | 3.00792834 | 3.838221439 | 5.891143461 |
Note: Average interest rate for new and used cars by 20 point credit score bin. Data for 2023 are through August. Source: Experian Autocount.