Borrowers are behind in their auto loan payments in numbers not seen since delinquencies peaked at the end of 2010, according to the Federal Reserve Bank of New York. More than 7 million Americans were 90 or more days behind on their car loans at the end of last year, 1 million more than eight years ago, according to a report from the bank. That's a potential sign of trouble for the auto industry and perhaps the broader economy, but economists and auto industry analysts say they aren't sounding an alarm yet, reports the AP. Here's what you need to know:
- The New York Fed reports that auto loan delinquency rates slowly have been worsening, even though borrowers with prime credit make up an increasing percentage of the loans. The 90-day delinquency rate at the end of 2018 was 2.4%, up from a low of 1.5% in 2012, the bank reports. Also, delinquencies by people under 30 are rising sharply, the report says.