Average monthly payments stabilize in Q2 for new, used vehicles

The average monthly payments for both new and used vehicles fell slightly in the second quarter, as indicated by early data from TransUnion.

The shift was likely in part because of vehicle price stabilization, according to the credit reporting agency's Quarterly Credit Industry Insights Report.

Meanwhile, the 60-day delinquency rate ticked up slightly from 1.3 percent to 1.4 percent year over year.

"Potential for rate declines, coupled with more normal inventory levels and reduced prices could provide relief to consumers in this market," Satyan Merchant, senior vice president of automotive at TransUnion, said in the report.