After all the supply chain constraints of the last few years, supply of new and used cars is finally stabilizing at dealers. Prices are also reportedly leveling off, but, now, people are struggling to get car loans in the wake of historic loan delinquency and default rates, as USA Today reports.
Delinquency rates on auto loans are hitting record highs: in May 2023, the number of severe delinquencies matched that of 2006, when Cox Automotive first started tracking these. You’ll notice that’s around the time of the mid-aughts recession. A loan is labeled severely delinquent after being past due for more than 60 days
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