Doom and Gloom on Car Loans? Nope.

 In another effort to propagandize "unaffordability", the MSM has launched a Doom and Gloom disinformation lying campaign about car loans.  As usual, the locals ran the story without evidence of its accuracy.

 Americans are missing their car payments at the highest rate in more than 30 years, data shows....

Watch the trickery and deceit in the next quote:

... According to Fitch Ratings, 6.56 percent of subprime auto borrowers were are at least 60 days past due on their loans in January,...

1)  If you're "subprime" your credit history is terrible.  So going 60 is NOT a surprise.

2)  Many of these "subprimes" are peeps who have fled the country due to ICE crackdowns.  They are NOT going to make payments any more.  Surprised??

From the Fed report:

  ...Generally, non-captive auto finance loans are more likely to be to borrowers with relatively lower credit scores and also are more likely for used cars. Loans from these companies have seen the most pronounced rise in delinquency rates in the past few years and are notably above their pre-pandemic levels....

Refer back to notes 1) and 2) above.

Yes, there's more.

...A recent report from the Federal Reserve Bank of New York also found more borrowers falling behind on their car payments. In the fourth quarter of 2024, the share of auto loans among all borrowers that transitioned into serious delinquency — 90 days or more past due — rose to 3 percent, the highest level since 2010. ...

Really? 

The second chart in this article cannot be easily reconciled with that statement.

What does The Hill (et.al.) NOT mention?

 ... Used car prices have since declined from the peak, potentially leaving some borrowers underwater on those vehicles and creating potential repayment challenges. At the same time, the decline in auto prices could imply that the more recently originated vintages of auto loans may fare better as those loans age....

.....unless the borrower leaves the country, of course. 

Finally, this:  when you look at the Fed's charts, you will notice that the biggest increase in delinquencies happened during the Biden "YOU WILL NOT WORK" days of '21-'23.  The rate of increase since then has fallen.  If you are baffled by this, you got a PublikScrewel "Leaning" Edyoomakshun.

In brief:  the sky is NOT falling.