In a follow up to my advice column from last week, I wanted to share some info from WalletHub regarding auto loan delinquencies. Last week's advice was about what to do if you can't afford your car payment. In it, I urged you to do what you can to make your car payments and seek help right away if you are experiencing financial hardship. Falling behind even a few payments can lead to repossession, something you do not want.
A new WalletHub study gives us an insightful look at auto loan deficiency in America. Its data indicates that delinquency decreased across the U.S. between Q1 2024 and Q2 of 2024. The personal finance website dug further into the data to ascertain the Cities Where Auto Loan Delinquency Is Decreasing the Most and Least to find out where people have the least risk of credit score damage and vehicle repossession.
Never good to see your hometown on the bad side of a list about places where people are behind on their auto loans, but here I am, #98 (Garland, TX) out of 100. At least we are in good company.
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Decreasing the Most |
Decreasing the Least |
|
1. San Francisco, CA |
91. Chesapeake, VA |
|
2. Norfolk, VA |
92. Anchorage, AK |
|
3. Portland, OR |
93. Des Moines, IA |
|
4. Jersey City, NJ |
94. Spokane, WA |
|
5. Glendale, AZ |
95. Lincoln, NE |
|
6. Madison, WI |
96. Sacramento, CA |
|
7. Laredo, TX |
97. Irvine, CA |
|
8. Fremont, CA |
98. Garland, TX |
|
9. Oklahoma City, OK |
99. Boston, MA |
|
10. Omaha, NE |
100. Winston-Salem, NC |
To come up with the list, WalletHub compared 100 of the largest U.S. cities using its proprietary user data on consumer delinquency rates between Q1 2024 and Q2 2024.
For the full report and to see the entire list, visit WalletHub.
Photo Credit: SkazovD/Shutterstock.com.
