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Auto loan amounts set new records

According to Experian’s State of the Automotive Finance Market report, the average amount financed for a new vehicle in Q4 2015 was $29,551 — up $1,170 from 2014 and the highest amount on record since Experian began tracking auto loan amounts in 2008. The average monthly payment also set a new record at $493 (up from $482 the previous year).

The report results underscore the importance of closely monitoring consumer credit trends to stay competitive and meet consumer demands.

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