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September 6, 2013
Consumers rely on car financing more than ever
Loans now average $457 with payments over 65 months, putting the average amount financed on a new car at $26,526.
Subprime loans to customers with less than a 680 credit score saw an increase, rising from 25.4 percent of loans last year to 27.5 percent in 2013.
Extending payments past four years, and well beyond the typical new-car bumper-to-bumper warranty, suggests people are buying more car than they can arguably afford.
Subprime loans to customers with less than a 680 credit score saw an increase, rising from 25.4 percent of loans last year to 27.5 percent in 2013.
Extending payments past four years, and well beyond the typical new-car bumper-to-bumper warranty, suggests people are buying more car than they can arguably afford.
The future's so bright I gotta wear 27.5% subprime shades!
See Also:
The Illusion of an Auto Industry "Recovery"
Source Data:
St. Louis Fed: Custom Chart
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