Mexican Media Brands
U.S. Car Loans Rise to Record $1 Trillion
Consumers in the U.S. are on the hook for a record-high $1.01 trillion in auto loans, according to the Federal Reserve Bank of New York.
#economics
Share
Consumers in the U.S. are on the hook for a record-high $1.01 trillion in auto loans, according to the Federal Reserve Bank of New York.
Car buyers piled up $119 billion in new-car loans in April-June alone, a 10-year high for the quarter. Lending is being bolstered by low gasoline prices that have fueled sales of relatively expensive crossovers, SUVs and pickup trucks to record highs.
Last month's new-car sales surged to an annualized rate of 17.6 million units, the second-highest rate in 10 years and 1.1 million higher than July 2014, according to Autodata Corp.
RELATED CONTENT
-
Report Forecasts Huge Economic Upside for Self-Driving EVs
Widespread adoption of autonomous electric vehicles could provide $800 billion in annual social and economic benefits in the U.S. by 2050, according to a new report.
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.
-
Ford’s $42 Billion Cash Cow
F-Series pickups generate about 30% of the carmaker’s revenue. The tally is about twice as much as what McDonald’s pulls in.