Here's another sign of bad times in the economy: More people are delinquent on their car payments.
The percentage of auto loans that were past 60 days or more rose a whopping 11.5 per cent in the second quarter - compared to the delinquency rate last year, according to credit reporting agency TransUnion.
Part of this increase reflects the current housing slump, according to the agency. "In some states, there's a lack of home equity to finance auto purchases which has led to more people taking out car loans," a spokesman said.
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The auto loan delinquency rate is expected to continue to rise in the future as a result of the overall slowdown in the economy.