Nov 20th, 2007 by RJ Menezes
Analysts are worried. They are worried that rising troubles in the mortgage industry could spill over into the auto loans industry. In a recent article on Autonews24h.com, Lehman Brothers financial analyst Brian Johnson said his analysis of auto loan-backed securities sold by Ford Motor Credit Co. (NYSE:F) and GMAC Financial Services (NYSE:GM) showed some higher delinquency rates for October and September compared with recent years.
This means people aren’t paying their auto loans. This comes straight as a result of rising rate mortgage loans on many people’s homes. Most of these folks are putting priority in paying off their mortgages more than their car loans. This seems obvious as most people would rather lose their cars than the roof over their head’s.
“As unemployment remains low, this deterioration in the auto ABS credit conditions may be evidence of a likely spill over of the mortgage woes onto the auto credit world,” Johnson wrote.
The article can be found by clicking the link below.
http://www.autonews24h.com/Auto-Loans/2307.html
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Interesting read.. any more?