Delinquency Rise Impacts Consumer View on Vehicle Purchases
As delinquency continues to rise, consumers' views on buying vehicles are deteriorating.
Cox Automotive chief economist Jonathan Smoke noted that the initial October reading of consumer sentiment from the University of Michigan showed a modest improvement in consumers' views of buying conditions for vehicles, but they remain worse than a year ago.
“Consumers’ views of buying conditions for vehicles improved modestly but remain worse than a year ago.”
According to Cox Automotive data from September, 60-day-plus delinquencies rose, indicating a concerning trend in the performance of previously booked auto loans.
- 60-day-plus delinquencies increased
Author's summary: Delinquency rise affects vehicle purchases.