Automotive finance has been given a bit of a reprieve, according to a new Experian Automotive study. Quarterly repossessions dropped by 14.8% in Q2 2013 – the lowest rate since it began tracking data seven years ago. According to its latest State of the Automotive Finance Market report, 0.36% of all vehicle loans ended in a repossession, down from 0.43% in Q2 2012. It also represented a 10.4% decrease from the low point of 0.41% in Q2 2006.
Consumers in the second quarter have done an exceptional job of meeting their financial obligations to keep the market strong, said Melinda Zabritski, Experian’s senior director of Automotive Credit.