average new vehicle price and monthly payment reach record high: $37,260 & $545, record #s behind [View all]

[Demovictory9]

Auto loan delinquencies rise as the cost of monthly payments hit record high
The percentage of auto loans delinquent for more than 60 days rose in the fourth quarter.
Overall, less than 1 percent of all auto loans are more than two months behind, well below the historical average.
Still, economists say the uptick adds to concerns that Americans may be showing signs of struggling financially.

https://www.cnbc.com/2019/02/27/auto-loan-delinquencies-rise-as-cost-of-monthly-payments-hit-record.html


Zabritski says the stats are worth watching, but not yet to the point of serious concern. "It's only natural to see an uptick in automotive delinquent loan volume. It's important to view these trends within the larger industry context," she said.

Americans are borrowing more money than ever to buy new vehicles, $1.17 billion in the fourth quarter, according to Experian. That's not surprising given that consumers are buying more pickups and SUVs, which carry a higher sticker price than sedans.

The automotive website Edmunds says the average transaction price for a new vehicle, what consumers actually paid dealers, in December hit an all-time high of $37,260, an increase of $6,598 from December 2010. As a result of the higher prices, the average new vehicle auto loan in the fourth quarter climbed more than $600 to $31,722, according to Experian.

Not only are consumers borrowing more to pay for a new vehicle, they are also making higher monthly loan payments. Experian says the average monthly payment for a new vehicle hit a record high of $545, up $30 from a year earlier. That increase is driving up interest in used vehicles, which sell at a far lower price and typically carry a lower monthly payment.

http://fortune.com/2019/02/12/americans-late-on-car-payments/

A Record 7 Million Americans Are 90 Days Behind on Their Auto Loan Payments