Come on Igy, those car loans are what's keeping everything going! Not just here, but in Canada as well.
Not only are the delinquencies at a high here, the actual number of loans is also high, I believe.
There is a "walk-away" mentality that is beginning to pervade certain social strata, and it is particularly evident in car loans. People get the car, and get financing, with absolutely no intention of ever paying. They have it for a while, it takes people a while to catch up, and they don't care because they are judgment-proof. Just as in non-recourse mortgage states, they figure it's OK because the lessor/lender "gets their property back", "so, whatever."
No surprise at all that the delinquencies are rising, and are currently at a high level.
Here's something that cuts through the headline bullcrap: what has happened to farmland prices? Usually they follow farm commodity prices. We haven't really heard anything about either.