Auto Loan Delinquencies Hit Record Low

Fewer Americans are falling behind on their car payments, according to credit reporting agency TransUnion LLC.

The rate of U.S. auto loan payments at least 60 days overdue fell to 0.33% in the April-June period, down 25% from a year earlier and 8% lower than the first quarter of 2012. The delinquency rate in the second quarter was the lowest since TransUnion began tracking the data in 2000.

Car loan delinquency has declined year over year for 11 consecutive quarters. But analysts warn that the growing availability of subprime auto loans will lead to a higher ratio of overdue payments.

The average consumer auto debt was $13,420 in the latest quarter compared with $12,690 in the same period of 2011.