Experian study: MS ranks first among states for late auto loan repayments

If you’ve fallen behind on your car loan payment, you’re not alone. According to Experian, southern states have the highest rate of late auto payments, and Mississippi topped the list.

The credit reporting agency analyzed auto delinquency data reported to them in the third quarter of 2021 and ranked Washington, D.C. and all 50 states based on the percentage of late payments that were at least 30 days late. . For tiebreakers, they compared the percentage of late payments by 60 days.

At the top of the list, Washington DC reported that 23.4% of auto payments were overdue for at least 30 days; 14.7% were at least 60 days late; and 11.3% were at least 90 days late.

The average loan payment in the DC area was $518 per month and leases averaged $563 per month. The average FICO credit score was 717, 3 points higher than the national average.

While most southern states reported that 10-12% of auto finance accounts were at least 30 days past due, Mississippi reported 15.09%. After DC, Mississippi had the highest ranking.

The average FICO credit score in Mississippi is 681, 33 points lower than the national average. The scores were partly responsible for some of the highest monthly payouts in the country.

Mississippi’s average monthly loan payment is $600 and the average lease payment is $463. Other southern states have reported similar credit scores and monthly payments.

With an average credit score of 692, Texas recorded the highest average payment at $662 per month. Their lease payments were also among the highest at an average rate of $578.

Louisiana ranked third for late payments with 12.8% at least 30 days past due. Average state monthly payments are $627 and average lease payments hover around $566. The state’s average credit score was 689.

North Dakota and South Dakota had the lowest number of late payments, at 4.6% and 4.8% respectively. The average FICO credit scores for the two states were 733.

This story was originally published August 1, 2022 7:00 a.m.

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