US Auto Industry show signs of stabilization image

During the third quarter of 2009 US Auto Industry showed signs of stabilization, despite the economic situation.
The growth rate for 30-day delinquencies, while still rising, has slowed significantly. The 30-day delinquency rate rose 5.8 percent from the third quarter of 2008 to the third quarter of 2009 (3.14 percent to 3.32 percent delinquencies). The growth rate from third quarter 2007 to third quarter 2008 was 9.5 percent.

The average credit score for new vehicle loans in the third quarter of 2009 was 775, up from 762 in the third quarter of 2008, showing that lenders are pulling back from riskier loans. Average credit scores for used vehicle loans also rose to 684 in the third quarter of 2009 from 670 in the third quarter of 2008.
In addition, the average new vehicle loan dropped from 63 weeks in the third quarter of 2008 to 62 weeks in the third quarter of 2009, and the average used vehicle loan dropped from 59 weeks in the third quarter of 2008 to 57 weeks in the third quarter of 2009.

Source: Experian Automotive