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Everyone is suddenly worried out about the soaring number of Americans who are falling behind on their auto loans a?? but the freak-out makes no sense

Everyone is suddenly worried out about the soaring number of Americans who are falling behind on their auto loans a?? but the freak-out makes no sense
Darrin Zammit Lupi/Reuters



The number of Americans who are at least 90 days behind on their auto loan payments hit a record 7 million, according to a report from the Federal Reserve Bank of New York.




The large number of people falling behind on auto loans caused a lot of concern following the report's release.




But the auto loan market is not an existential threat to the US economy, and is unlikely to push the nation into a recession.



You may have heard, but a lot of people are worried about the number of Americans who are falling behind on their car loans.
Headlines, including here at Business Insider, raised alarms about the New York Federal Reserve's recent report which showed 7 million Americans are at least 90 days delinquent on their auto loans.
In fact, some people are worried that the record number of delinquencies could be a sign that a recession is on the way.
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