Auto loans top $1 trillion

June 9, 2016 by Guest Contributor

According to the most recent State of the Automotive Finance Market report, the total balance of open automotive loans increased 11.1% in Q1 2016, reaching $1.005 trillion — up from $905 billion in Q1 2015. This is the first time on record that automotive loans have passed the $1 trillion mark. The report also revealed that subprime loan volumes experienced double-digit growth and overall delinquencies remained low.

With more consumers relying on financing, lenders should monitor credit and delinquency trends in order to adjust strategies accordingly.

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Auto cc 2016