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Auto loans

Data shows more loans are being rejected — but why?

by Justin Ho
Nov 19, 2024
The New York Federal Reserve found that rejection rates for loan applications are higher than they were in 2023 for credit cards, auto loans, mortgages and refinances.
Nancy Vanden Houten, lead economist at Oxford Economics, said lower-income borrowers are having the most trouble with credit card and auto loan applications.
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Americans added more than $11 billion of consumer debt in May

by Mitchell Hartman
Jul 9, 2024
The amount includes money owed on things like credit cards, auto loans and student loans. Delinquencies are also rising.
Loan delinquencies 90-days or more past due are now the highest in more than a decade. 
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Loan applications are down, rejections are up. This could be good for taming inflation.

by Stephanie Hughes
Nov 20, 2023
The application rate for any kind of credit dropped to just over 41% this year from nearly 45% in 2022, according to a Fed survey.
Justin Sullivan/Getty Images
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A good repo man is hard to find

by Matt Levin
Nov 7, 2023
The repossession industry is struggling with an enduring labor shortage, while 1.5 million car repos are expected this year.
A good chunk of used cars come from repossessions.
Brandon Bell/Getty Images
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Car prices are still stubbornly high

by Kristin Schwab
Aug 21, 2023
$20,000 used to be the starting point for a new car. Now there’s only one remaining model on the market that sells for around that figure … the Mitsubishi Mirage.
More consumers and carmakers are focused on bigger, more expensive cars. And with the pandemic chip shortage, the average price of a vehicle has ballooned to $50,000.
Mario Tama/Getty Images
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After years of not being able to get them, Americans want their wheels — no matter the cost

by Stephanie Hughes
Jul 6, 2023
New light vehicle sales, including cars, SUVs and pickups, were up about 20% in June from this time a year ago.
Lots of consumers feel confident they’ll have the money to buy vehicles they might have once considered unaffordable.
Mario Tama/Getty Images
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Americans’ use of credit is growing, but slowing 

by Stephanie Hughes
Feb 8, 2023
In 2022, consumer credit increased 7.8% from the year before. But in December, the growth in borrowing decelerated.
Consumer credit increased 7.8% last year, according to recent Federal Reserve data. But some Americans appear to be getting more cautious about debt.
Scott Olson/Getty Images
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Vehicle sales tell story of separate economic realities

by Erika Beras
Jan 15, 2021
The average selling price of new vehicles reached a record high in late 2020. Last year also saw vehicle loan debt increase to record levels.
Prices rose in both the new and used vehicle markets last year.
Spencer Platt/Getty Images
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Consumer lending is a bright spot for big banks

by Justin Ho
Oct 17, 2019
Even as retail sales growth is showing signs of stalling, consumers are continuing to borrow.
The JP Morgan Chase headquarters in Manhattan.
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Auto loans are taking longer to pay off

by Kai Ryssdal and Bennett Purser
Oct 2, 2019
That could hurt consumers but benefit banks and dealerships.
Ford F-150s are lined up at a dealership in Hudson, Wisconsin.
Karen Bleier/AFP/Getty Images
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