Americans are falling behind on their car payments at the highest rate in more than three decades, The Hill reported Saturday.

According to Fitch Ratings, 6.56% of subprime auto borrowers were at least 60 days past due on their loans in January — the highest level since the agency began tracking the data in 1994. The trend reflects growing financial strain as consumers struggle to keep pace with inflation’s strain on the economy.

Fitch Ratings’s report was echoed by another from the Federal Reserve Bank of New York, which found Americans are falling behind on their car payments. The report lays out that in the fourth quarter of 2024, 3% of all outstanding auto loans were at least 90 days past due, the highest serious delinquency rate since 2010.

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