Auto Loan Debt Tops $1 Trillion For First Time

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The American love for the automobile doesn’t come cheap.
 
US car buyers now owe more money on their wheels than ever.
 
US consumers have car loans totaling more than one-trillion dollars.
 
Analysts attribute that to low interest rates and strong car sales despite rising prices.
 
Sales tracker “Autodata” says new car sales are up nearly six-percent so far this year.
 
As a result, the industry is on track to sell a record number of cars in the US.
 
The average payment hasn’t changed much over the last five years.
 
It’s now just under $400 per month.

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