Delinquency Rise Impacts Consumer View on Vehicle Purchases
As delinquency rates continue to increase, consumer sentiment towards buying vehicles is also 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 it remains 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 decline in the performance of previously booked auto loans.
- 60-day-plus delinquencies increased, reflecting a worsening trend in auto loan performance.
Author's summary: Delinquency rise affects vehicle purchase sentiment.
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