• Spectacular!

    I liked your fast, friendly service. You were all knowledgeable in the area of bankruptcy. Your treatment of me as a client was spectacular! You were great at promptly responding to my questions and concerns. I loved that you provided courteous and quick responses to all my questions.
  • Highly Recommended!

    I have worked with Seth and he is the utmost professional in how he works with his clients. If you need an attorney you can trust I would highly recommend the Law Office of Seth Hanson.
  • Very Professional.

    Everyone was very professional and efficient. Seth, and everyone that I had contact with were very knowledgeable. I was very pleased with how we were treated by his staff. My questions were always answered promptly. I was very pleased with the service I received and would not hesitate to refer someone to your firm.
  • Non-judgmental.

    You were very open and answered all of my questions. You never made me feel like I was asking a dumb question. I was comfortable with your knowledge of the law. It was hard for me to make this decision to move forward in my life. Everyone was friendly to me and respectful. Non-judgmental. Every question I asked was answered promptly and appropriately. I would recommend you.
  • More Than Expected!

    I found the firm's representation to be more than what I expected. I was always kept in the loop, all my questions were answered (whether or not I asked more than once the same question), and I felt completely supported by the firm staff when going through this (at times) scary ordeal. Thank you again.
  • Very Impressed!

    I liked that you had very friendly, caring staff. You were all very knowledgeable. Your treatment towards me was excellent and you quickly responded to all my concerns. If a friend asked of your overall impression, I would say that we were very impressed and we would recommend you to them.

Auto Loan Delinquencies Higher Than Great Recession

The Federal Reserve Bank released new data in February of this year showing that more than 7 million Americans are more than 90 days past due on their auto loan payments. That is more than 1 million more delinquencies than in 2010.

Economists are questioning why Americans are having so much trouble keeping up with their auto loans at a time when unemployment is at a record low. It appears that younger Americans are struggling with auto loans the most. The data reveals delinquencies on auto loans held by borrowers under 30 have increased recently. Some speculate that student debt may play a role in that considering younger Americans, and their parents, are facing repayment of $1.5 trillion in loans for education.

Interest Rates

According to Kelly Blue Book, in 2018 consumers paid an average of $36,000 for a new vehicle last year. This figure is up 3% over the previous year. Last year, 50% of the auto loans secured by consumers were subprime loans for consumers with credit scores below 620. The average interest rate for a subprime loan was 12.71% last year with some lenders topping out as high as 24.99%.


Economists are speculating that this is a sign of a looming recession as auto loans and housing are usually the first bills to be prioritized over all other monthly expenses.

If you are troubled by a subprime auto loan or you are fearing repossession, reach out to your Modesto bankruptcy attorney at (209) 438-4990.

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