U.S. auto repossessions for non-payment of loans drops

DETROIT Tue Aug 13, 2013 8:30am EDT

DETROIT Aug 13 (Reuters) - Car buyers in the United States are better at keeping current with their loan payments, a report by Experian Automotive shows.

Fewer vehicles were repossessed for non-payment of loans in the second quarter, 0.36 percent, than in any quarter since Experian began keeping such records in 2006.

This rate is down from 0.43 percent in the first quarter. And the 0.36 percent repossession rate is also less than the previous low recorded by the financial information provider of 0.41 percent in the second quarter of 2006.

Experian also said second quarter 30-day delinquencies on loan payments fell to 2.38 percent from 2.52 percent from a year earlier.

Nonprime, subprime and deep-subprime loans accounted for 35.2 percent of open vehicle loans in the second quarter, up from 34.9 percent a year earlier, Experian added.

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