Vehicle loan payments are expected to take a back seat to mortgage bills for the fourth year in a row when it comes to U.S. consumers' payment priority. Chicago credit bureau TransUnion's global payment hierarchy study, published Wednesday, suggests vehicle and credit card payments will finish behind housing costs amid the coronavirus pandemic.
The study, which included a survey of 2,667 consumers in eight countries, analyzed data from first-quarter 2017 through third-quarter 2020, looking at the performance of credit products over a 12-month period.
About 27.8 million U.S. consumers had auto loan, mortgage and credit card bills in third-quarter 2020. Of those consumers, 30-day delinquencies were lowest for mortgages at a rate of 0.75 percent. Auto loans came in second, with a delinquency rate of 1.13 percent, and credit cards were third at 1.95 percent.