Record High: Americans' Car Payment Delinquency Reaches 30-Year Peak

The percentage of subprime auto borrowers in the US who are at least 60 days behind on their car payments reached 6.1% last month, the highest rate in nearly 30 years, according to Fitch Ratings. Higher car prices, rising interest rates, and inflation have contributed to the increase in delinquency rates. Federal Reserve officials predict that high interest rates will persist through 2026. Generation Z and millennials are among the groups with higher delinquency rates.