Experian’s Q4 2018 State of the Automotive Finance Market report showed that seven states closed this past year with 60-day delinquency rates of at least 1 percent.
Overall, analysts pinpointed the 60-day delinquency rate at 0.78 percent in Q4, which represented an uptick of 3 basis points year-over-year.
What Experian defines as finance companies — institutions that do not hold commercial deposits but fund vehicle installment contracts — had the highest rate for 60-day delinquency among the four categories of providers. Finance companies — which also often cater to subprime customers — saw its rate improve 10 basis points year-over-year to settle at 1.87 percent.
Experian also mentioned the 60-day delinquency rate for banks came in at 0.70 percent (up 14 basis points). For captives, it was 0.73 percent (down 2 basis points) and for credit unions, it was 0.26 percent (down 1 basis point).
Along with those seven states at or above 1 percent, Experian also highlighted the Top 10 states for 60-day delinquency as of the fourth quarter. That rundown included:
1. Maryland: 1.68 percent
2. Mississippi: 1.68 percent
3. Louisiana: 1.36 percent
4. Georgia: 1.03 percent
5. New Mexico: 1.03 percent
6. Alabama: 1.00 percent
7. South Carolina: 1.00 percent
8. Nevada: 0.92 percent
9. Texas: 0.90 percent
10. Arkansas: 0.89 percent