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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.
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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.
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