Americans turned out to borrow much more money than ever to purchase a car
Ride-sharing options may be able to continue to grow and the total percentage of Americans get a drivers license can be suppressed. But for now, the final report on the model of car-ownership seems very excessive.
Americans continue to buy cars at near record levels, and continues to spend far more money than ever to do so. The latest indicators are written in a report from Experian Automotive shows US car buyers have to borrow much more money than ever before to finance the purchase of their car.
The balance has reached $ 987 billion in the fourth quarter 2015, according to the latest state of the company's Automotive reports Financial Markets, which was reported earlier this week. It showed an increase of 11.5 percent from the previous year, and is also the highest level of debt on record since Experian began recording data in 2006.
"The increase in the number of automotive sales has contributed to around a strong quarter for all types of lenders across the industry," said Melinda Zabritski, senior director of automotive financing for Experian. "That said, while the loan balance is increasing and funding would be easier to achieve, it is certainly an important thing for consumers to stay on top of their monthly payments to continue to ensure that the automotive market is running on all cylinders."
There is so much data that vary greatly on what happens. On the one hand, loans to subprime and deep sub-prime buyers has increased, according to Experian. But seen from the rogue event remained virtually the same - 30 days delinquency has decreased to 2.57 percent from 2.62 percent year over year, while the 60-day has indicated an increase from 0.72 percent to 0.72 percent on term about the same time.
The loans come as the US unemployment rate has declined to its lowest level since before the Great Recession. The Labor Department also reported the rate falls to 4.9 percent in January.
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