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Auto loan delinquency rate improves – especially here

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Borrowers did better at repaying automobile loans in the first quarter across the United States, according to research by TransUnion.com, and Greater Des Moines’ numbers were better than the national average.

The auto loan delinquency rate stood at 0.65 percent nationally, compared with 0.79 percent in the last quarter of 2007. In the Des Moines area, just 0.22 percent of auto loan payments were missed, compared with 0.48 percent in the previous quarter. Iowa’s delinquency rate dropped to 0.40 percent from 0.57 percent.

Average auto loan debt rose across the country. In Des Moines, the average debt increased to $13,446 from $12,925.

Iowa ranks 31st in average auto debt at $12,057 and 47th in auto delinquency rates. Louisiana had the worst repayment numbers in Trans-Union’s analysis, and North Dakota borrowers were the most reliable in making payments.