Auto Loan Losses at Six Year High – Fitch Ratings

Banks’ loan losses from car financing have risen to a six-year high, new figures show, as the patchy labour market and the mining slump causes more borrowers to fall behind on their payments.

Fitch Ratings says the proportion of automobile loans that suffered a loss after lenders sought to repossess the vehicle rose to 0.62 per cent in the June quarter, the highest level since the index started in 2010.

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