Wyoming's auto loan delinquency rate was among the lowest in the nation in the first quarter, according to consumer credit reporting agency TransUnion.
Wyoming's rate for auto loans delinquent at least 60 days stood at 0.37 percent, compared to 0.65 percent for the U.S. as a whole.
In Casper, the rate was only 0.23 percent. Since the beginning of 2007, Casper's rate has ranged from 0.23 percent to 0.47 percent.
The highest rate was in Louisiana at 1.19 percent, followed by Alabama at 1.07 percent.
TransUnion reported that the average auto debt per borrower in Wyoming was $14,616.94. Nevada was highest at $16,034.
"The availability of home equity for financing auto purchases has diminished significantly in states like Nevada and Arizona, thus contributing to higher auto loan debt," Peter Turek, automotive vice president in TransUnion's financial service group, said in a prepared statement.
But Turek noted that even states with the highest delinquency rates showed decreases from the fourth quarter 2007.
With larger income tax refunds, and the fact consumers filed earlier than in 2007, Turek said tax refunds may have helped consumers pay down debt.
The findings were derived from 27 million anonymous consumer records, randomly selected, in TransUnion's data base.
Last month, TransUnion reported Wyoming's 60-day mortgage loan delinquency rate also was among the lowest in the nation for the first quarter at 1.41 percent, compared to a U.S. average of 3.23 percent.
Business Editor Tom Mast can be reached at tom.mast@trib.com, or call 307-266-0574.
Posted in Business on Sunday, July 13, 2008 12:00 am | Tags: Business, Auto Loans, Wyoming, Delinquent, Tom Mast, Casper, July 13, 2008
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