Banks’ loan losses from car financing have risen to a six-year high, new figures show, as the patchy labour market and the mining slump causes more borrowers to fall behind on their payments.
Fitch Ratings says the proportion of automobile loans that suffered a loss after lenders sought to repossess the vehicle rose to 0.62 per cent in the June quarter, the highest level since the index started in 2010.
Read More!
More Stories
Five Charged in $3 Million Houston Luxury Vehicle Theft and Export Scheme
Texas Repo Turns into Armed Standoff, Two Arrested
Car-Mart Buys Another Week. But Is It Running Out of Road?
NO REPO SIGNS: Do They Actually Have the Force of Law?
Colorado-Bonded Repossessor Named in $2.5 Million Vehicle Theft and Towing Investigation
Dallas BHPH Dealer Accused of $207K in Illegal Repossessions and Hammer Assault