More Americans are falling behind on one of their biggest financial obligations, and that’s a puzzling trend in light of a strong economy and jobs picture.
Some 7 million Americans are 90 days or more behind on their auto loan payments, new data released by the Federal Reserve Bank of New York shows. The number of delinquent loans follows a trend of steady increases since 2011 and has risen to the highest level in the 19-year history of the bank’s loan origination data.
In Canada, 55% of new car loans are loans over 84 months. That is also catching on in the U.S.