Auto loan delinquencies rose sharply in the third quarter, according to data from Trans-Union LLC.
The Chicago credit bureau reported Monday that the delinquency rate in the third quarter was 0.8%, up from 0.68% in the second quarter.
TransUnion said the jump was due to both poor economic conditions, which are making it harder for borrowers to pay, and to the tight credit market, which has cut the number of loans and increased the statistical impact of the ones that are paid late.
It also said that typical seasonal factors played a role in the higher rate.
Average auto debt fell $8 in the quarter, to $12,861. The highest average debt was in Nevada, $15,773, followed by the District of Columbia, $15,433.
The lowest average debt was in Nebraska, $10,944.
The highest delinquency rates were in Mississippi, 1.46%, and Louisiana, 1.41%.
The lowest delinquency rates were in Wyoming, 0.29%, and North Dakota, 0.36%.
