Georgia has one of the highest rates of late car note payments in the US, data shows
Georgia residents have one of the highest rates of late care note payments in the U.S., according to new data provided by news wire website Stacker.
The Peach State ranks No. 4 in the nation for late auto payments, data from Stacker shows.
Making late payments on an auto loan is a large factor in lowering someone’s credit score.
“When a payment is 30 days late, it gets reported to the credit bureaus as delinquent. A late payment stays on your credit report for seven years and can affect your scores the entire time it’s there,” said Stacker.
But Stacker says there is some good news for those who do have to make a late payment: “The impact of a late payment becomes less severe as time passes and more on-time payments are made.”
Here’s a breakdown of the statistics for late auto payments in Georgia, according to Stacker:
The average monthly car payment costs around $533 for a lease and $590 for a loan.
The average person has 1.6 leases/loans.
The average FICO Score in Georgia is 693, which is 21 points less than the national average score.
The rate for late payments past 30 or more days is 12.1%; 60 or more days past due: 6.8%; and 90 or more days past due: 4.9%
The highest rate for late payments in the country is 23.4% in Washington, DC.
Mississippi comes in second with a rate of 15.1%.
The full list can be found on Stacker’s website.
This story was originally published July 18, 2022 at 1:12 PM.
