Auto Loan Debt Tops $1 Trillion For First Time

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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