Auto loans made up about one-third of all consumer non-mortgage debt in the U.S., according to consumer data firm Equifax.
The firm's National Consumer Credit Trends Report revealed the total balance of auto loans in December 2014 stood at $975 billion. This is an all-time high and 9.3% higher than the total auto loan balance in December 2013.
“The automobile industry had a strong year in 2014, selling more than 16.4 million new cars,” Dennis Carlson, deputy chief economist at Equifax, said. “Consumers are excited about both the quality and craftsmanship of the vehicles available today as well as the great financing available. The improving economic situation has finally afforded consumers the opportunity to rekindle their love affair with the automobile.”
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.