A busy quarter for the repo man: Auto loan delinquency rates rise

The ratio of U.S. auto loan borrowers who were 60 or more days past due on their payments increased in the third quarter over the second quarter from from 0.73% to 0.81%, according to Trans Union. The year-over-year delinquency rate at the national level increased by 1.25% in the third quarter.

Mississippi (1.53%) and California (1.33%) were the hardest hit. The lowest auto loan delinquency rates were found in the District of Columbia (0.26%), North Dakota (0.35%) and South Dakota (0.37%). Average auto debt nationally continued to decrease slightly in the third quarter of 2009 from $12,560 to $12,542. Likewise, the year-over-year auto debt fell by 2.5%.