Americans Now Owe $1 Trillion in Car Loans

As of 2019, 1 in 4 Americans have student loan debt, which is an est. 44.7 Million people. Americans also now owe more than $1.53 trillion in student loan debt, with the average student loan debt amount of $37,172 and monthly payment of $393 based on the most current figures available to Nitro.

Americans Now Owe $1 Trillion in Car Loans Posted on November 19, 2015 by Mike Randle U.S. consumers have borrowed a record $1 trillion to purchase cars, SUVs and trucks. Balances on auto loans grew 11 percent year-over-year, or $101 billion, in the third quarter, according to report this week from TransUnion, a credit reporting company.

Americans with lower credit scores are falling behind on auto payments at an alarming. Related: Car buyers now owe $1 trillion on car loans.

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Americans’ collective credit card debt just topped $1 trillion, its highest level since the country’s last recession in 2008, according to new Federal reserve data. technically, we owe $1.0004 trillion on our credit cards, but who’s counting an extra $400 million or so? That’s chump change, man.

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Americans owed more than $1.16 trillion in auto loans as of March 2019. Auto loans accounted for nearly 10% of outstanding consumer debt in the first quarter of 2019, including mortgages. Americans originated 27 million new auto loans in 2018, about 183,000 more than in 2017, but 540,000 fewer than the record-breaking year of 2016.

The total active loan amount across all lenders for 2017 was $1.129 trillion. Statistics reveal that people prefer the comfort of banks when borrowing for a car. In 2017, banks reported an astonishing $368 billion in open car loans – that’s equal to the price tag of about 4.9 million Model S Teslas!

But a new report confirms as much: Americans owe $1.1 trillion in auto loans, a new record, according to Automotive News.

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It’s kind of crazy that people think spending $50,000 on a car is okay now. When I was a kid $30,000 was getting a bit fancy. Now that was 15 years ago but damn. I spent 20k on a newish car that I intend on keeping for 20 years. I still feel weird about it considering I probably could have bought a 2012 Honda fit and done the same.

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Because this news could send you right into a panic attack. There’s no way to sugar coat it, so we’re just going to come out and say it: Americans owe $1 trillion in car loans for the first time ever.

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