Experian Automotive Talks Average Car Payments, Interest Rates And More On 'Auto Trends' Mother's Day Weekend

 

For those in the market for a new or preowned vehicle, tune in to Auto Trends with JeffCars.com Mother's Day weekend. Melinda Zabritski, Experian Automotive's senior director, joins us to talk about the impact the Federal Reserve raising interest rates multiple times over the past year, as well as the average transaction of a new and preowned vehicle topping out near $50,000 and $33,000, respectively, has had on consumers when they finance or lease. Experian Automotive is a division of Experian credit.

Latest Trend: A Record 7 Million Customers At Least 90 Days Late On Car Payment

• The New York Fed said there were over a million more “troubled borrowers” at the end of 2018 than there were in 2010, when unemployment hit 10 percent and the auto loan delinquency rate peaked. Today, unemployment is 4 percent, and many more Americans have jobs, yet a significant number of people cannot pay their car loan.

• Most of the people who are behind on their bills have low credit scores and are under age 30, suggesting young people are having a difficult time paying for their cars and their student loans at the same time.

(source: Mercury News)