MS has highest rate of late car note payments in the US. Here’s more on the Experian data.
If you’ve fallen behind on your car loan payment, you’re not the only one. According to Experian, southern states have the highest rate of late auto payments and Mississippi was at the top of 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 according to the percentage of payments that were at least 30 days overdue. For tiebreakers, they compared the percentage of payments that were 60 days past due.
At the very top of the list, Washington D.C. reported 23.4% of auto payments were at least 30 days past due; 14.7% were at least 60 days past due; and 11.3% were at least 90 days past due.
The DC area’s average loan payment was $518 per month and leases averaged $563 a month. The average FICO credit score was 717, which is 3 points higher than the national average.
While most southern states reported 10 percent to 12 percent of auto financing accounts as 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 less than the national average. The scores were partially to blame for some of the highest monthly payments in the country.
Mississippi’s average monthly loan payment is $600 and the average lease payment is $463. Other southern states reported similar credit scores and monthly payments.
With an average credit score of 692, Texas reported the highest average payment at $662 a month. Their lease payments were also some of the highest at an average rate of $578.
Louisiana ranked third in late payments with 12.8% at least 30 days past due. The state’s average monthly payments are $627 and average lease payments hover around $566. The state’s average credit score was 689.
North Dakota and South Dakota reported the lowest number of late payments, with 4.6% and 4.8% respectively. Both states’ average FICO credit scores were 733.
This story was originally published August 1, 2022 at 7:00 AM.
