ATLANTA, July 24, 2014 (GLOBE NEWSWIRE) -- According to the latest Equifax (NYSE:EFX) National Consumer Credit Trends Report, the total balance of auto loans mid-way through 2014 is $902.2 billion, a record high and an increase of more than 10% from same time a year ago. In that same time, the total number of auto loans outstanding is more than 64 million.
"Auto lending continues to thrive, accounting for more than fifty percent of all new non-mortgage lending through April of 2014," said Dennis Carlson, Deputy Chief Economist at Equifax. "Lenders are responding to record low delinquencies by offering great rates and terms, while consumers are responding to the improving economic conditions by making the decision to purchase newer vehicles. Additionally, subprime lending has grown across all sectors in 2014. This is good news as a fully functioning second-chance market is essential for a healthy economy."
Despite record high balances, serious delinquencies on auto loans remain near all-time lows, representing less than 1% of total outstanding balances for the third consecutive month. In addition, the total balance of new credit originated for auto loans year-to-date in April is $163.5 billion, the highest since at least 2005.
Other highlights from the most recent Equifax data include:
Auto
Bank-issued credit card
First Mortgage
Home Equity Revolving
About Equifax, Inc.
Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 600 million consumers and 81 million businesses worldwide. The company's significant investments in differentiated data, its expertise in advanced analytics to explore and develop new multi-source data solutions, and its leading-edge proprietary technology enable it to create and deliver unparalleled customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 19 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. In 2013, Equifax was named a Bloomberg BusinessWeek Top 50 company, was #3 in Fortune's Most Admired list in its category, and was named to InfoWeek 500 as well as the FinTech 100. For more information, please visit www.equifax.com.