Experian has sent out their latest numbers on Q3, 2018 financing, and some are rosy, and some give a glimpse into the future of car-buying.
Some of the highlights from the Experian conference are that loans are still way too high, over a trillion dollars a quarter. They are slowing down in growth, but still… The good news is that the deep subprime, the people who have credit scores under 500, haven’t grown.
Thirty-day delinquent rates have gotten better, but the same States still have the worst delinquencies.
Top 10 States With the Highest Auto Loan Delinquencies:
1. Washington D.C. 4.03%
2. Mississippi 4.00%
3. Louisiana 3.5%
4. Maryland 2.82%
5. South Carolina 2.8%
6. Arkansas 2.7%
7. Alabama 2.76%
8. Georgia 2.91%
9. Texas 2.73%
10. North Carolina 2.68%
The United States still finances about 85% of its new car loans, while 52.8% of used cars have a loan or lease associated with them. Leased new cars are still hanging around 33%, while less than 4% of used cars are leased.