Subprime Auto Loans Set A Scary Record In October [View all]

https://carbuzz.com/subprime-auto-loans-record/

There is good news in the subprime car loan sector, but only if you work in repossessions. For everyone else, it's bad news, and it might foreshadow worse news in the months and years to come. A new report says that the number of subprime vehicle loans more than 60 days behind has hit the highest level on record. That's according to data that goes back over 30 years, to the early 1990s.

The percentage of subprime auto loan borrowers at least 60 days behind on their loans climbed to 6.65% in October. That's according to data from Fitch Ratings, Reuters reported. It's a significant figure as the percentage has been climbing to record highs since late 2024.