The total balance of open automotive loans climbed 11.1 percent in the first quarter surpassing the trillion-dollar mark for the first time on record, Experian Automotive reports.
According to the most recent State of the Automotive Finance Market report, loan balances reached $1.005 trillion the first quarter, up from $905 billion in the first quarter of 2015.
Open leases grew by 27.55 percent to an all-time high of $76.9 billion, up from $73.1 billion the previous year.
Findings from the report also show that while there were increases in both 30- and 60-day delinquency rates, the overall percentage of total delinquent loans remains relatively low when compared to pre-recession levels.
In the first quarter, the percentage of loans and leases considered 30-days delinquent was 2.1 percent, up from 2.02 percent in the first quarter of 2015. Additionally, the percentage of loans and leases considered 60-days delinquent grew from 0.57 percent to 0.61 percent over the same time period.