Subprime Auto Bond Delinquencies Highest in 20 Years, Says Fitch

Delinquencies on subprime auto debt packaged into securities reached a high not seen since October 1996, as late payments continued to worsen in February, according to Fitch Ratings.

The number of car borrowers who were more than 60 days late on their bills in February rose 11.6 percent from the same period a year ago, bringing the delinquency rate to 5.16 percent, Fitch wrote Monday in a report. During the financial crisis delinquencies peaked at 5.04 percent, Fitch wrote.