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Auto Debt April 2019

Auto Loan Balances today stand at $1.3 Trillion dollars, an increase of 75% over the past decade and rising at the fastest rate among Seniors 70+ years of age. Auto Loan balances remain slightly behind student loan debt of $1.6 Trillion and ahead of credit card balances of $870 Billion. The average vehicle loan term for new cars is now 69 months while used vehicle loan terms stretched to 63 months, the longest terms on record. Both loan balances for new and used vehicles as well as monthly payments for new and used vehicles reached record high levels. Sub-prime Auto Loan Originations (Credit Score less than 660) surged above 31% of total originations in the fourth quarter of 2018.

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