Baltimore, MD (PressExposure) December 21, 2009 -- According to statistics from the Federal Reserveâs website, 30-day delinquencies at year-end 2007 were up approximately 17% from year-end 2006. In a recent analysis of both captive and non-captive auto finance companies, Fitch Ratings is showing even higher increases in 60-day delinquencies over the same period. Nearly 60% of new vehicle loans now have a term greater than 60 months.
Increasingly, lenders are providing 72 and 84-month terms on vehicle loans. Some industry analysts expect the average contract term may reach 70 months by 2010. For a $25,000 loan with a 10% interest rate and 72-month term, repossession after 24 payments will generate a loss $1,800 higher than that of the same contract with a 60- month term. Considering that the current average loss per repossession is approximately $5,500, an increase of $1,800 would equate to a per-unit loss increase of nearly 33%.
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