Americans went on a massive shopping spree for cars and trucks in recent years. Many paid for their vehicles by taking out a loan.
A record 107 million Americans have auto loan debt, according to data released this week by the Federal Reserve Bank of New York. That’s about 43% of the entire adult population in the US.
Auto loans have been growing rapidly. In fact, more Americans had home mortgages than auto loans in 2012. But all that has changed.
Today the number of auto loans far outpaces home loans. It helps explain how car makers have had year after year of record sales. Car sales notched another all-time high in 2016.