More Americans paying their car loans on time

Nearly everyone in America with a car loan is making the payment on time, the Detroit Free Press is reporting.

A scant .36 percent of people with a car loan are 60 or more days behind on making their payment, according to a TransUnion report looking at the January through March quarter of auto loan payments. That means more than 99-percent of customers borrowing cash for cars are on time.

The tiny percentage, which represents a drop of about 27 percent year-over-year is the lowest since TransUnion started tracking it in 1999.

The fall in loan delinquency, however, may not be great news for banks overall. TransUnion attributes some of the on-time payments to recession weary consumers placing a priority on their car payment while foregoing payments on credit cards and underwater homes.

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