Auto Credit Reaches New High Featured
04 March 2017
Eighty million consumers had an auto lease or loan as of year-end 2016. This marks the highest level TransUnion has observed since at least the third quarter of 2009, as approximately 4.3 million additional consumers took out an auto lease or loan in 2016.Total auto finance balances continued to grow at the end of 2016, closing the year at $1.11 trillion. The total balance grew 8.3 percent during 2016, slower than the average growth rate of 11.0 percent between 2013 and 2015. The average auto balance per consumer also rose slightly to $18,391, up from $18,004 in the fourth quarter of 2015.