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
-
Global Car Market to Shrink for 2-3 Years
Global sales of light vehicles will decline year on year through at least 2021, predicts LMC Automotive at its annual outlook conference outside Detroit, Mich.
-
Mazda, CARB and PSA North America: Car Talk
The Center for Automotive Research (CAR) Management Briefing Seminars, an annual event, was held last week in Traverse City, Michigan.
-
On Lincoln-Shinola, Euro EV Sales, Engineered Carbon, and more
On a Lincoln-Shinola concept, Euro EV sales, engineered carbon for fuel cells, a thermal sensor for ADAS, battery analytics, and measuring vehicle performance in use with big data