Mexican Media Brands
U.S. Auto Financing Amounts Reach New Highs
The average amount being financed for new-car purchases in the U.S. climbed to an eight-year high of $29,600 in the fourth quarter of 2015, Experian Information Solutions Inc. reports.
#economics
Share
The average amount being financed for new-car purchases in the U.S. climbed to an eight-year high of $29,600 in the fourth quarter of 2015, Experian Information Solutions Inc. reports. Average monthly payments rose to $493.
Both figures are the largest since the Florida-based company’s Experian Automotive unit began tracking the data in 2008.
Experian says financing for used cars, which accounts for almost two-thirds of all vehicle financing and monthly payments in the U.S., also advanced to record highs of $18,900 and $359, respectively.
The average new-vehicle loan at the end of last year was 67 months. Used-car loans averaged 63 months, according to the company.
RELATED CONTENT
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future
-
Study: Border Tax, NAFTA Exit Would Hurt U.S.
The U.S. auto industry would lose at least 31,000 manufacturing jobs and 450,000 units of annual sales if the U.S. imposes 35% tariffs on cars from Mexico, as President-elect Donald Trump has vowed to do.
-
GM, Ford Evaluate Possible Economic Slump
General Motors and Ford say they have bolstered their cash reserves in case the trade war between the U.S. and China triggers a global recession.