DETROIT (AP) — The Federal Reserve Bank of New York says borrowers are behind in their auto loan payments in numbers not seen since delinquencies peaked at the end of 2010, according to the Federal Reserve Bank of New York.
But economists and auto industry analysts say they aren't sounding an alarm yet. The number is higher largely because there are far more auto loans out there as sales grew since the financial crisis, peaking at 17.5 million in 2016.
More than 7 million Americans were 90 or more days behind on their car loans at the end of last year. A report from the New York Fed says that's 1 million more than eight years ago.