U.S. Auto Loan Debt Hits Record $1.68 Trillion

U.S. auto loan debt has reached a record high of $1.68 trillion, surpassing credit card debt for the same period. Consumers are now commonly opting for auto loans with terms of 7 to 10 years, resulting in an average monthly payment of $735. Since 2020, new vehicle prices have risen by more than 35%, while repossession rates have climbed to their highest level in 30 years.