auto loans

The rate of late payments for auto loans dropped further in the second quarter of the year, helped by low interest rates and improved car sales.

A new poll by CreditCards.com found that 42% of people with adult children have paid a debt for their children at some point.

The debts most commonly paid off were auto loans (40%) and medical debt (37%). But the survey also found that parents had paid utility debt (31%), credit cards (30%), student loans (29%) and mortgages (11%)

The rate at which people were late making auto loan payments rose in the second quarter as consumers struggled amid rising job losses.

Chrysler LLC will ask a bankruptcy judge on Tuesday to allow General Motors Corp's lending arm to take over making auto loans for Chrysler's customers and dealers.