According to global car finance news, fears are climbing that the American car finance loan market is struggling to keep up with car loan repayments . Many lenders are having to hire debt collectors to chase late repayments, further increasing the pressure on a sagging auto market.
Evidence came earlier this year when the finance company GMAC LLC revealed hundreds of millions of pounds worth of losses. The vehicle finance unit of the company posted a 77 per cent drop in net profits in the last quarter.
GMAC is owned by General Motors Corp and Cerberus Capital Management, and have reported hiring many new collectors to cover debts . According to the American Bankers Association, delinquencies on indirect auto loans are soaring, up to a 16-year high.
How the mounting crisis affects the UK auto finance market remains to be seen.
Car loan defaults in America increase
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Car loan defaults in America increase
Mon, 11 Feb 2008
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