Cathie Wood Sounds Alarm On US Auto Loans As 90-Day Delinquency Rates Surpass 2009 Levels
Cathie Wood Sounds Alarm On US Auto Loans As 90-Day Delinquency Rates Surpass 2009 Levels
Rising auto loan delinquency coincides with significant price cuts across the auto industry. ARK Invest CEO Cathie Wood popularly known for leading ARK Innovation ETF (NYSE:ARKK) has raised alarm bells about the state of auto loans in America, noting that 90-day delinquency rates have now exceeded levels seen during the 2009 financial crisis.
ark創始人凱茜·伍德，因領導ark innovation etf（紐交所：ARKK）而廣受關注，她對美國汽車貸款的現狀發出了警告，指出90天拖欠率已經超過2009年金融危機期間的水平。
What Happened: Wood's comments came in response to recent data showing rising auto loan defaults, despite continued investor confidence in auto-backed securities. The Federal Reserve's latest Supervision and Regulation Report confirms this trend, highlighting that auto loan delinquencies are approaching five-year highs in 2024.
事件回顧：伍德的評論是針對最近數據顯示汽車貸款違約上升的情況，儘管投資者對汽車擔保證券的信懇智能仍舊存在。聯儲局最新的監管與監督報告證實了這一趨勢，強調汽車貸款拖欠率在2024年接近五年來的最高點。
Delinquency rates on auto loans refer to the percentage of auto loan borrowers who have failed to make their scheduled payments on time. A loan is typically considered delinquent when a payment is missed for a certain period, usually 30, 60, or 90 days.
汽車貸款的拖欠率指的是未能按時支付計劃款項的汽車貸款借款人的百分比。當一筆貸款的支付逾期達到一定期間（通常爲30天、60天或90天）時，通常會被視爲拖欠。
Rising auto loan delinquency coincides with significant price cuts across the auto industry. Tesla Inc. (NASDAQ:TSLA) reduced U.S. prices for its Model Y, Model X, and Model S by $2,000 in April following lower-than-expected first-quarter deliveries.
汽車貸款拖欠率的上升與汽車行業價格大幅下調的情況相吻合。特斯拉公司（納斯達克：TSLA）在4月因第一季度交付量低於預期，將其Model Y、Model X和Model S的美國售價降低了2000美元。
Ford Motor Co. (NYSE:F) cut the Mustang Mach-E's price by up to $8,100, and Nissan slashed up to $6,000 off its Ariya SUV. Stellantis NV (NYSE:STLA) also introduced discounts on Jeep Wranglers and Grand Cherokees.
福特汽車公司（紐交所：F）將Mustang Mach-E的價格降低了最高8100美元，而日產將其Ariya SUV的價格削減了最高6000美元。斯泰蘭蒂斯公司（紐交所：STLA）還對Jeep Wrangler和Grand Cherokee推出了折扣。
The 90-day auto delinquency rate is higher than the peak reached in 2009.
— Cathie Wood (@CathieDWood) November 20, 2024
90天汽車拖欠率已高於2009年達到的峯值。
— 凱茜·伍德 (@CathieDWood) 2024年11月20日
Despite these warning signs, investors are aggressively pursuing auto loan-backed bonds, with sales of securities tied to subprime auto loans reaching nearly $40 billion through October 2024 – a 17% increase from 2023's total. Nicholas Tripodes, senior portfolio manager at Federated Hermes, reports seeing deals "almost 20 times oversubscribed," according to The Wall Street Journal.
儘管有這些警告信號，投資者仍在積極追逐汽車貸款擔保債券，與次級汽車貸款相關的證券銷售額在2024年10月前已接近400億 – 較2023年總額增長了17%。federated hermes的高級投資組合經理尼古拉斯·特里波德斯報告稱，交易"幾乎有20倍的超額認購"，根據《華爾街日報》的報道。
Why It Matters: The disconnect between rising delinquencies and investor enthusiasm reflects a broader market dynamic. Auto bonds from Global Lending Services with the lowest investment-grade rating yielded approximately 6% in October, triple the yield of comparable subprime auto loan-backed debt in 2021.
重要性：逾期率上升與投資者熱情之間的脫節反映了更廣泛的市場動態。全球貨幣借貸服務公司的汽車債券，最低投資級別的收益率在十月達到了大約6%，是2021年同期可比較的次級汽車貸款支持債務的三倍。
The stress is particularly evident among lower-income borrowers struggling with increased living costs and higher interest rates. The overall auto loan delinquency rate hit 3.8% in June, the highest since 2010, according to Federal Reserve data.
壓力在低收入借款人中尤其明顯，他們正在努力應對日益增加的生活成本和更高的利率。根據聯邦儲備的數據，整體汽車貸款逾期率在六月份達到了3.8%，是自2010年以來的最高水平。
"The delinquency rate for consumer loans remained elevated in the first half of 2024," the Federal Reserve noted, adding that while there was some improvement in credit card delinquencies during the second quarter, auto loan defaults continued to rise year-over-year.
聯邦儲備註意到：「消費貸款的逾期率在2024年上半年仍然處於高位。」並補充說，儘管在第二季度信用卡逾期有所改善，但汽車貸款違約率仍在同比上升。
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
免責聲明：本內容部分由Benzinga Neuro幫助製作，並經Benzinga編輯審查和發佈。
譯文內容由第三人軟體翻譯。
