ATLANTA, May 29, 2013 (GLOBE NEWSWIRE) -- According to Equifax's (NYSE:EFX) latest National Consumer Credit Trends Report, $69.6 billion in new credit for auto loans was originated in January and February 2013, the highest level in more than eight years and more than 70% higher than the recession low of $40.2 billion for the same time period in 2009.
- Balances on outstanding auto loans totaled $798 billion as of April 2013, an increase of more than 8% from same time a year ago and a 51-month high.
- The total number of loans stands at 59.8 million, nearly a four-year high.
- As of April 2013, total outstanding balances on loans funded by auto finance companies are $416.9 billion, a 50-month high. The total number of outstanding loans is more than 31 million, a 46-month high.
- Similarly, total outstanding balances on loans funded by banks, savings and loans or credit unions are $381.1 billion, a high of more than 60 months. The total number of loans outstanding is more than 28 million, a 41-month high.
- Serious delinquencies on auto loans funded by banks and other depositories fell to 0.32% of outstanding balances in April, a decline of 13.9% from March's level and 9.1% lower than the same time a year ago.
- Serious delinquencies on auto loans funded by finance companies fell to 1.75% of outstanding balances, a decline of 11.7% from March's rate and 15.4% from April 2012's level.