A record number of Americans are three months behind on their car payments, leaving economists surprised — and concerned.
The Federal Reserve Bank of New York released a new report on Tuesday that shows seven million Americans are at least 90 days late on their car payments. Most of those seven million people are 30 or younger with low credit scores. Defaults are highest among "subprime" borrowers, who have credit scores of 620 or lower and usually have interest rates between 14.5 and 20 percent on their loans.
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