SCHAUMBURG, Ill. -

For the second quarter in a row, quarterly repossession for finance companies — lenders that often cater to subprime buyers — jumped by around 70 percent year-over-year.

The latest State of the Automotive Finance Market report from Experian Automotive indicated that first-quarter repossessions for finance companies climbed 69.1 percent year-over-year to 3.01 percent of their total portfolio. That level is up from the reading after the first quarter of last year, which was 1.78 percent.

After the fourth quarter, Experian determined finance company repossessions came in at 2.84 percent, representing a 76.3 percent jump year-over-year.

The quarterly repo increase endured by finance companies is the sole reason the industry-wide reading moved higher after the first quarter. Experian determined quarterly repossession rates for commercial banks, captive lenders and credit unions all dropped year-over-year.

The total quarterly repossession rate for the first quarter came in at 0.68 percent, marking a 36.5-percent rise from a year ago.

Meanwhile, the Q1 repo rates for the other lender categories that Experian tracks all dipped:

—Commercial banks: Down 6.1 percent to 0.24 percent

—Captives: Down 6.7 percent to 0.35 percent

—Credit unions: Down 4.4 percent to 0.15 percent

Experian discovered mixed signals as to whether more repossession might be on the horizon.

While at a national level, 60-day automotive loan delinquencies fell 1.7 percent, analysts pointed out that 22 states showed increases during the first quarter. Delaware showed the sharpest increase, jumping by nearly 10 percent, up from 0.73 percent in Q1 2013. Other states among the top five for increased 60-day delinquencies include:

• Montana increased by 8.9 percent (up from 0.35 percent in Q1 2013).

• Nebraska increased by 7.9 percent (up from 0.45 percent in Q1 2013).

• Iowa increased by 6.6 percent (up from 0.39 percent in Q1 2013).

• New Jersey increased by 5.8 percent (up from 0.61 percent in Q1 2013).

Experian also reported that 30-day delinquencies dropped 5 percent, going from 2.36 percent in Q1 2013 to 2.24 percent in Q1 2014. Additionally, only six states showed an increase in 30-day delinquencies:

• Alaska increased by 8.9 percent (up from 1.48 percent in Q1 2013).

• Montana increased by 5.4 percent (up from 1.48 percent in Q1 2013).

• Kentucky increased by 3.4 percent (up from 2.27 percent in Q1 2013).

• West Virginia increased by 2.2 percent (up from 2.55 percent in Q1 2013).

• Indiana increased by 1.7 percent (up from 2.06 percent in Q1 2013).

• Pennsylvania increased by 0.9 percent (up from 2.04 percent in Q1 2013).

“Consumers overall are doing a better job of paying their auto loans on time. However, it is evident that consumers in some states still are struggling to meet their payment obligations,” said Melinda Zabritski, Experian’s senior director of automotive credit.

“It is important for consumers to keep in mind that paying bills on time is one of the most essential factors when lenders are evaluating who gets the best rates and terms when applying for a future loan,” Zabritski continued. “While the subprime auto loan market continued to grow in Q1 and credit-challenged consumers have been able to get financed more easily, a rise in overall delinquencies could cause lenders to tighten their credit standards, ultimately lessening access to credit in the future.”