TransUnion saw lower delinquency rates for urban vehicle owners as well – 54% saw a rise in delinquencies in the third quarter, but only 44% in the fourth quarter of 2011.
Apparently, consumers have their cars and trucks on a financial pedestal, and it’s one of the first bills that get paid every month. With America’s love for its vehicles still going strong, that’s a trend TransUnion expects to continue.
"National auto delinquency rates continue to remain at historic lows, and are likely to stay there as demand for both new and used vehicles continues to be strong," Turek adds. "Even without a robust economic recovery, auto loan delinquencies have remained low, and we anticipate that an improving economy in 2012 will allow delinquencies to stay around their current levels."
Call it prudent personal financial planning, or call it an outlier on debt related to America’s infatuation with cars. What can’t be denied is that when it comes to household bill payments, auto loans are a unique priority.