A 2019 report on auto ownership indicates that America’s are deep in debt when it comes to their modes of transport. Access to a vehicle is necessary to reach jobs and economic opportunity in much of the nation, but it’s costly for drivers.

According to the study U.S. by then nonprofit PIRG Education Fund, more Americans carry auto debt, and they owe more on their loans, than ever before.

  • There were 113 million open auto loan accounts in the United States in the third quarter of 2018, up from 81.4 million in early 2010, a 39% increase.
  • Currently, 85% of all new car purchases in the United States are financed, up from 75% in 2009.
  • In addition, 53% of all used car purchases are financed, up from 46% in 2009.
  • Americans owed $1.26 trillion on auto loans in the third quarter of 2018, an increase of 75% since the end of 2009.
  • Americans are carrying car loans for longer periods of time. Of all auto loans issued in the first two quarters of 2017, 42% carried a term of six years or longer, compared to just 26% in 2009.

Read the full report here.

Through LEVERAGE solution PassTime, credit unions can find solutions to keep track of auto loans. Read more here.