Good Times for Auto Loan Industry as Auto Loan Delinquency rates Come Down

May 26, 2010 - PRLog -- According to credit reporting agency TransUnion, auto loan delinquency rates have come down as per its latest analysis for the first quarter of 2010. The agency says - Auto loan delinquency rates have dropped over 18% from the fourth quarter of 2009 to the first quarter of 2010. This downward trend is expected to continue in the second quarter of 2010 as well.

This is good news for the auto loan industry which suffered huge losses due to the global economic recession. The road to recovery after recession has begun and the auto loan industry can now look forward for a great summer ahead. Auto financing companies can expect more business as consumer confidence level continues to improve due to better economic conditions.

Financial institutions were reluctant to offer auto loans to customers unless they had high credit scores. This is expected to change now and lenders can be more confident while they provide auto loan to customers. This will not only benefit the auto loan industry but also the automotive industry on the whole.

Anthony Tribunella, Expert and Director of Operations at Auto Relief Group says, “The decline in delinquency rates proves revival of the U.S economy and it will be interesting to see how lending institutions capitalize on the opportunity that beckons”.

About Auto Relief Group

Auto Relief Group offers Car Loan Modification service, we assist car owners in renegotiating their car loan or lease, avoid repossession and maintain ownership of their vehicle by working directly with lenders to restructure loans, extend terms or reduce payments.

We provide our clients with customized reports, expert advice and negotiation assistance when restructuring their car loans.

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