Consumer Reports published findings of an investigation of U.S. auto loan debt, finding that debt is increasing at increasingly fast rates alongside the cost of cars over the past decade.

Ryan Felton shares news of a recent investigation by Consumer Reports into the auto loan industry, finding that many Americans are overpaying their car loans and car debt is growing in the United States.
The Consumer Reports database includes nearly 858,000 loans from 17 major auto lenders, according to Felton. The data reveal shocking conclusions about the risk involved in financing American car culture—and how much that risk has increased in the decade since the Great Recession.
"Today, Americans with new-car loans make an average monthly payment approaching $600—up roughly 25 percent from a decade ago," writes Felton. "This is happening as total auto loan debt held by Americans has increased dramatically over the past 10 years, surpassing $1.4 trillion—more than the gross domestic product of Australia."
As prices for both new and used cars has skyrocketed, as a result of market pressures created by the pandemic but also by the American preference for big, expensive SUVs and trucks, that debt is expected to grow.
The article includes more detail about the findings of the investigation—including evidence of racial discrimination leading to more high-interest car loans among people of color, echoing previous studies. A Planetizen article from November 2015 also serves as a reminder that auto loan debt has been on the rise throughout the previous decade—despite fresh memories of the dire consequences of high interest loans from the Great Recession.
FULL STORY: Many Americans Are Overpaying for Their Car Loans

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