Magazine article American Banker

Auto Loan Debt Is Up 13% since 2011: Report

Magazine article American Banker

Auto Loan Debt Is Up 13% since 2011: Report

Article excerpt

Byline: Kristin Broughton

Car loan debt continues to rise as more and more Americans are trading in old cars for new ones, according to a report released Monday from TransUnion.

TransUnion's quarterly report on automobile loans showed that the average debt per borrower increased by 4%, to $16,862, in the first quarter, compared to the same period last year. Over the last three years, auto loan debt has risen by almost 13%, or more than $1,900 per borrower.

Meanwhile, total number of auto loans jumped 22% in the first quarter, to 70 million, from the previous year.

"Auto sales have increased, and with that is the related auto financing," said Pete Turek, a vice president in TransUnion's financial services unit, in a phone interview. Turek added that "credit availability up and down the spectrum," and expansions in leasing have also contributed to the increase in auto debt. …

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