According to the New York Reserve, around six million Americans are having troubles making their monthly payments on their truck or car loans. They are also in danger of repossession of their vehicles. The number of U.S. resident that are unable to make their monthly loan payments has risen in the last six years. This report came in on December 4th, 2017 by the New York Federal Reserve. Some Americans are paying their auto loan payments more than ninety days past due or more extended.
From 2016 to 2017 there has been a rise in the number of people paying their car payments late. It is an estimated four hundred thousand people in the United States that are paying their car payment past due. In 2017, there is an estimated 6.3 million of Americans who are not able to pay their auto loans on time. However, the number is rapidly increasing with every passing day. In some cases, people have waited too long to pay on their loan. Not paying your auto loan on time can result in repossession of the vehicle.
Americans Are Struggling to Make Their Auto Payments On Time
The New York Reserve reports that auto loan rates in the United States have been steadily increasing since early 2011. Around the time vehicle loan rates raised it was the worst of times when the unemployment rate was at its highest. In 2011 the unemployment rate was an all-time high and now is at a four percent.
Officials say the unemployment rate in 2017 is the lowest since the mid-2000 and is only getting better. Although the unemployment rate in the United States is shallow. This means more Americans have more income because they are holding a job. They still are struggling to make ends meet. Millions of Americans may have consistent employment and income. However, this always leads us to believe that people are still struggling to get by in the United States.