Just another datum for the pile...
Outstanding auto loans hit record $1.1 trillion
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Outstanding auto-loan balances in the U.S. reached a record-high $1.1 trillion in the second quarter, a 7.1 percent rise, according to Experian's latest State of the Automotive Finance Market report released Thursday.
The source of the growth was loans to prime buyers, as subprime and deep subprime originations continued to fall in the second quarter.
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Streeeeeetch it out!
Quote:
For new-vehicle loans, 61-72 and 73-84 month terms each grew about 1 percentage point to 40.4 percent and 32.5 percent, respectively.
Meanwhile, 85-96 month loans increased, accounting for 1.25 percent of new-vehicle loans, vs. 0.95 percent a year earlier.
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Source: http://www.autonews.com/article/20170907/FINANCE_AND_INSURANCE/170909823/outstanding-auto-loans-hit-record-$1.1-trillion
Via: Jalopnik