Late car loan payments hit record
https://www.linkedin.com/news/story/late-car-loan-payments-hit-record-5528729/Late car loan payments hit record
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By Rob Sacks, Editor at LinkedIn News
Updated 2 hours ago
Millions of Americans are having trouble paying their car loans, in a potential sign of trouble for consumer spending. The percentage of loans that are at least 60 days late rose to 6.11% in September, the highest on record, according to Fitch Ratings. Driving the problem: higher borrowing costs, more expensive cars and the resumption of student loan payments. Borrowers struggling to keep up also face the risk of having their cars repossessed. Average monthly payments for new and used vehicles are $770 and $592, respectively, according to Cox Automotive.