As charge-off amounts ticked up across the board, Experian Automotive found that repossession rates moved higher during the third quarter, triggered by a dramatic spike for finance companies.

According to its latest State of the Automotive Finance Market report, Experian indicated the overall Q3 repo rate came in at 0.62 percent, a level 54.4 percent higher than a year earlier. After the third quarter of 2012, the vehicle finance industry’s repossession rate stood at 0.40 percent.

That overall increase came solely through finance company activity as Q3 repo rates at commercial banks, credit unions and captive finance arms all dipped year-over-year. Experian classifies finance companies as operations that do not hold deposits or are not associated with an automaker.

Experian determined that the Q3 repo rate for finance companies soared 124.9 percent higher to come in at 2.66 percent. A year earlier, the rate stood at 1.18 percent.

Meanwhile, repossession rates at banks, captives and credit unions all dropped in Q3, according to Experian. The breakdown went as follows:

—Commercial banks: 0.23 percent, down 10.4 percent from 0.25 percent a year earlier

—Captives: 0.34 percent, down 12.6 percent from 0.39 percent a year earlier

—Credit unions: 0.15 percent, down 5.6 percent from 0.16 percent a year earlier

Since that repo rate jump for finance companies was so dramatic during the third quarter, Experian gave some historical perspective, examining levels for this financing segment going back to the beginning of 2007.

What Experian discovered is the finance companies’ repo rate is at the highest level looking back almost six years. Here is where it stood at the third quarter during the deepest parts of the recent recession:

—2009: 2.44 percent
—2010: 2.57 percent
—2011: 2.36 percent

Despite the developments within finance companies, Experian pointed out the year-to-date repossession rate for 2013 is still lower than what analysts spotted from 2008 through 2011. Analysts said the breakdown went as follows:

—2013: 1.48 percent
—2012: 1.25 percent
—2011: 1.89 percent
—2010: 1.99 percent
—2009: 1.88 percent
—2008: 1.62 percent

Charge-offs On the Rise

As repo rates move higher, Experian noticed charge-offs increased during the third quarter, too.

Overall, the average amount jumped by $744 during Q3 to $7,770. Each of the four financing categories analysts track experienced a year-over-year increase in the third quarter:

—Commercial banks: up $32 to $6,867

—Captives: up $1,096 to $8,800

—Credit unions: up $666 to $6,717

—Finance companies: up $849 to $8,014

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