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A look at auto loan delinquencies and how they have been rising across credit score band and area income levels.

By Michael S. Derby (Reuters) -U.S. households fared far better when applying for credit for mortgage refinancing or auto loans in June, new figures on credit access from the Federal Reserve Bank of New York show. The bank said Monday that rejected applications for mortgage refinancing dropped to 15% in June, versus 42% in February, which was the worst rejection-rate month in data that goes back to the fall of 2013. The rejection rate for auto loans also retreated, though less dramatically, to 7% in June from February’s 14%. Overall credit applications and rejection rates during the last year largely remained steady, the bank said. The findings come from the bank’s Survey of Consumer Expectations, which is most closely watched for its monthly readings on inflation expectations and the consumer mood. The bank said prospective borrowers who refrained from seeking credit as they expected their application to be rejected - so-called discouraged borrowers - stood at 7.2% of those surveyed in June, from 8.5% in February. Despite the retreat, the finding for last month came in above June 2024’s 5.5%. Other information from the bank has shown some rising stress for overall consumer-debt levels, although overall, current conditions are pretty healthy. The auto and housing markets have faced high borrowing costs as the Federal Reserve has kept its rate target relatively high to help curb inflation. With valuations skyrocketing in 2024, many investors are uneasy putting more money into stocks. Unsure where to invest next? Get access to our proven portfolios and discover high-potential opportunities. In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record. With portfolios tailored for Dow stocks, S&P stocks, Tech stocks, and Mid Cap stocks, you can explore various wealth-building strategies.

The growing costs to buy and maintain a car –exacerbated by inflation and tariffs –are leading to rising auto loan defaults and repossessions and a potential...

Uncover the hidden dangers of 84-month auto loans. Learn how long-term debt impacts your financial health.

TENS of thousands of cars are being lined up and left at ports as auto brands refuse to make deliveries following President Trump’s recent tariffs. Some of the world’s biggest and most popula…

Millions of people receive a federal tax deduction for the interest they pay on home loans. Under President Donald Trump’s new tax-cut law, many people for the first time could also claim a tax deduction for interest on their vehicle loans.

Imagine cruising down the highway of car buying, wind in your hair, and a smile plastered on your face. That's what getting a preapproved car loan feels like. N

Consumer group calls for congressional action as drivers fail to keep up with the cost of running cars