Delinquent auto loans surge
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From Times Wire Services
Delinquency rates on U.S. auto loans in asset-backed securities rose in January to the highest levels in 10 years, Fitch Ratings said.
Fitch’s index for prime loans with payments overdue for at least 60 days was 0.77% last month, an increase of 44% from a year earlier. The rate for sub-prime loans reached 4.03%, a 43% increase from a year earlier, the Chicago-based ratings company said in a report.
“It’s just general weakness across the board,” said Hylton Heard, the report’s author.
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