New car, new reality, new subprime ponzi scheme: Auto loans & Debt hit new highs $30+K each
Americans are paying more every month for a new vehicle and making those payments for a longer time than ever.
The latest data on auto loans by Experian shows Americans are taking out record-size loans, making larger monthly payments than ever before and extending their loans farther than ever.
The numbers from millions of auto loans tracked in the first quarter of this year are striking.
Average auto loan: $30,032 — the first time the amount borrowed to buy a new vehicle has topped $30,000.
— Planet Ponzi (@PlanetPonzi) June 4, 2016
— Planet Ponzi (@PlanetPonzi) June 2, 2016