Forbes: Americans Are Overdue With Their Car Payments At Highest Rate In Nearly 30 Years
Article by Antonio Pequeño IV in Forbes
Higher car prices and rising interest rates are hindering car owners’ ability to afford their vehicle payments, as 6.1% of subprime auto borrowers are at least 60 days past due on their loans, the highest percentage in data dating back to 1994, according to Bloomberg, which cited Fitch Ratings.
The 6.1% of borrowers behind on auto loans last month marks a surge from the 2.6% reported in May 2021, after the federal government ......