“The loan balances have been driven up by a combination of three factors — strong car sales, rising car prices and low interest rates. Interest rates are low. Borrowers with top credit scores can get loans for less than 3%. But the amount owed is up 11%, a sign of the increase in the size of car loans due to rising prices. The average amount borrowed is about $21,700, and buyers owe nearly $18,000 on average. The average new car purchase price now stands at $32,529, according to sales tracker TrueCar. The average car loan balance is rising faster than it is for mortgage loans, according to TransUnion. The average payment now stands at just under $400 a month.”
http://money.cnn.com/2015/11/16/autos/car-loans-trillion-dollars/
Related posts:
Amazon, Overstock Lose Challenge to N.Y. Web Sales Tax
Jittery Spaniards Seek Safety in Bitcoins
Police officer gets year in jail for conning immigrants out of $13,000
Collection of phone records stirs debate: Valuable tool or 'beyond Orwellian'?
WikiLeaks Bypasses Financial Blockade With Bitcoin
Congress Votes NO On VA Hospitals Prescribing Cannabis To Veterans
Marijuana Compound Fights Cancer; Human Trials Next
How Thailand’s Botched Rice Scheme Blew a Big Hole in its Economy
Kim Dotcom taunts investigators as he pledges to 'turn the world upside down' with new service calle...
German bank starts charging customers to hold their cash
South African labor unrest spreads, gold, construction strikes loom
PayPal boss to discuss Bitcoin in keynote address at 2014 trade show
Researcher’s paper banned for containing luxury car security codes
Paul Krugman Is Wrong: Bitcoin Isn't Evil, But Monetary 'Stimulus' Is
Tobacco, booze, now sugar: the control freaks happily ban everything