Expand chart
Data: New York Fed Consumer Credit Panel, Equifax; Chart: Andrew Witherspoon/Axios

This story is from Axios Edge, the Sunday newsletter. For more stories like this, sign up here.

This is a picture of distress. Car loans are the last debt that Americans generally default on, since a car is in most cases necessary to get to work.

The big picture: The number of Americans in default on their car loans is hitting record highs, but the default rate is not: Auto lenders have been issuing many more loans in recent years.

  • "The overall performance of auto loans has been slowly worsening, despite an increasing share of prime loans in the stock," write New York Fed analysts.
  • Whom you borrow from makes a huge difference. 6.5% of loans from auto finance companies are 90+ days past due, compared with only 0.7% of loans from credit unions.

Why you’ll hear about this again: This degree of woe is happening despite a growing economy and record-low unemployment. If and when a recession hits, expect these numbers to get a lot worse.

Go deeper

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Chris Christie: Wear a mask "or you may regret it — as I did"
  2. Senate Democrats block vote on McConnell's targeted COVID relief bill
  3. Economy: Why the stimulus delay isn't a crisis (yet).
  4. Health: New York reports most COVID cases since MayStudies show drop in coronavirus death rate
  5. Education: San Francisco public schools likely won't reopen before the end of the year.
  6. World: Spain becomes first nation in Western Europe to exceed 1 million cases — France becomes the second
Updated 6 hours ago - Politics & Policy

U.S. officials: Iran and Russia aim to interfere in election

Iran and Russia have obtained voter registration information that can be used to undermine confidence in the U.S. election system, Director of National Intelligence John Ratcliffe announced at a press conference Wednesday evening.

Why it matters: The revelation comes roughly two weeks before Election Day. Ratcliffe said Iran has sent threatening emails to Democratic voters this week in states across the U.S. and spread videos claiming that people can vote more than once.

Updated 7 hours ago - Politics & Policy

Supreme Court blocks Alabama curbside voting measure

Photo: Mark Wilson/Getty Images

The Supreme Court on Wednesday evening blocked a lower court order that would have allowed voters to cast ballots curbside at Alabama polling places on Election Day.

Whit it matters: With less than two weeks until Election Day, the justices voted 5-3 to reinstate the curbside voting ban and overturn a lower court judge's ruling designed to protect people with disabilities during the coronavirus pandemic.