ATLANTA, Feb. 8, 2013 /PRNewswire/ -- According to Equifax's latest National Consumer Credit Trends Report, at the end of January 2013, the balances on outstanding auto loans total $782 billion, the highest level since January 2009 for a 48 month high, while the total number of existing loans stands at 59 million, the highest level since July 2009 for a 42 month high. Equifax's auto reporting includes both loan and lease type auto financing.
By source, loans funded through financial institutions such as banks, savings and loans or credit unions, are at more than $372 billion, realizing a 60-month high and back to pre-recession levels. Similarly, at more than $409 billion, balances on loans funded by auto finance companies are at its highest level in 46 months.
Delinquency rates within the auto portfolio are also improving, and by year-end 2012 decreased by nearly 11% from same time a year ago, while auto loan and lease losses in that same period dropped nearly 10%.
"Sales of new cars and light trucks are rising steadily, though they are still well below pre-recession levels of roughly 17 million units," said Equifax Chief Economist Amy Crews Cutts. "Yet auto lending, including leases, is now back to pre-recession levels, driven in part by the very attractive interest rates being offered on these loans and a gradual increase in willingness to lend to less-than-perfect credit borrowers."
Other highlights from the most recent data include:
About Equifax, Inc.
Equifax is a global leader in consumer and commercial information solutions, providing businesses of all sizes and consumers with information they can trust. We organize and assimilate data on more than 500 million consumers and 81 million businesses worldwide, and use advanced analytics and proprietary technology to create and deliver customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 18 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. For more information, please visit www.equifax.com.
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