Consumer News The Average Car Payment Is At A Record High

Late car payments hit record among subprime borrowers

Subprime borrowers are falling behind at historic rates, but among prime borrowers — those with stronger credit histories — the delinquency rate hasn’t budged. Just 0.37% of prime auto loans were at ... Read More

Record number of subprime borrowers miss car loan payments in October, data shows

The share of subprime borrowers at least 60 days behind on their auto loans rose to 6.65% in October, the highest level on record, according to Fitch Ratings data going back to the early 1990s. Read More

Average new car price hits $50,000, a record high, data shows

The average monthly car payment is $749, according to experts. The average price of a new car was $50,080 in September, marking the first time the going rate of a passenger vehicle has exceeded ... Read More

Americans' household debt hits new record high, according to report

The report also shows Americans’ student loan debt hit a new record, at $1.65 trillion. A lot more borrowers are missing their payments, as well; nearly 10% of all student debt was reported as 90 days ... Read More

The 7-year car loan is here. Do you really want to be paying off your car in 2032?

An old rule of thumb in car-buying, known as 20/4/10, held that you should make a 20% down payment, cap your loan at four years, and spend no more than 10% of your monthly income on transportation. Read More

Car loan crisis: More Americans falling behind on loan payments

On the surface, the economy looks like it’s holding up. The stock market is up, unemployment remains relatively low, and consumer spending hasn’t slowed much. But if you shift your focus to the road, ... Read More

Expert says deals are available despite record-high average new car sale price

Kelley Blue Book this week reported the average total price of a new vehicle in the U.S. is above $50,000 for the first time. The increase is attributed to three factors: tariffs, a rush of electric ... Read More