DETROIT (Reuters) -- Car buyers in the United States got better at keeping current with their loan payments in the second quarter, a report today by Experian Automotive said.
Fewer vehicles were repossessed for non-payment of loans in the second quarter, 0.36 percent, than in any quarter since Experian began keeping such records in 2006.
This rate is down from 0.43 percent in the first quarter. And the 0.36 percent repossession rate is also less than the previous low recorded by the financial information provider of 0.41 percent in the second quarter of 2006.
Experian also said second quarter 30-day delinquencies on loan payments fell to 2.38 percent from 2.52 percent from a year earlier.
"Repossession and delinquency rates seen this quarter were lower than expected," Melinda Zabritski, Experian's senior director of Automotive Credit, said in a statement.
"The seasonality of the market usually has the first quarter showing the lowest 30-day delinquency rates, but even with the total automotive loan portfolio growing, consumers in the second quarter have done an exceptional job of meeting their financial obligations to keep the market strong."
Nonprime, subprime and deep-subprime loans accounted for 35.2 percent of open vehicle loans in the second quarter, up from 34.9 percent a year earlier, Experian added.