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Quick read: Detroit News says growing number of car buyers are delinquent with their car loans

As the state of Michigan struggles with the downsizing of the auto industry, the Detroit News reports this morning that an increasing number of new car buyers are behind with their car payments. 

Here in the Lansing area, car plants assemble vehicles that retail in the high 30's and 40's.  What does this mean for them?

The story says:

  • The latest data from the American Bankers Association showed the delinquency rate for indirect auto loans, typically arranged by dealers for their customers, rose in the third quarter to 2.86 percent, a 16-year high.
  • Highly rated borrowers are falling behind, too. In December, 2.09 percent of prime auto loans rated by Standard & Poor's in 2006 were more than 30 days past due, up from 1.85 percent for loans made a year earlier, and above the historical highs of 2001.

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