Late payments on subprime auto loans packaged into bonds have eclipsed 2009 recessionary levels and are now at a level not seen in nearly two decades, according to Fitch Ratings.

 Subprime delinquencies of 60 days or more hit 5.16% for February reporting, marking the highest level observed since October 1996 (5.96%). During the most recent recession, delinquencies peaked at 5.04% in January 1999. February’s delinquencies are increased 11.63% year-over-year and 3.63% month-over-month.

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