Auto Loans Saw Real Growth in Q1 2012, Delinquency Down

Auto Loans Approved

New auto finance com­pa­ny loans saw big increas­es in the first quar­ter of 2012 – 49% high­er than the reces­sion­ary low in March 2009. New vehi­cle loans totaled $52.5 bil­lion in Jan­u­ary-March 2012, accord­ing to Equifax’s May Nation­al Con­sumer Trends Report. Sta­ble loans are return­ing to the mar­ket, as well – auto delin­quen­cy rates in May 2012 are the low­est of all major loan types and, at a five-year low, are at pre-reces­sion lev­els.

The total num­ber of out­stand­ing auto loans con­tin­ues to climb, sur­pass­ing 57 mil­lion for the first time since Feb­ru­ary 2010. Bal­ances among exist­ing auto loans are also increas­ing, with the May 2012 total of $740 bil­lion rep­re­sent­ing a 34-month high. Cap­tive finance auto loans and bank auto loans are both see­ing strong increas­es – auto finance up 46% from reces­sion low in March 2009, and bank, sav­ings and loan, or cred­it union loans increased 21% in that same time peri­od.

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