Disciplined Consumers Give Boost to Auto Lending

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Market Watch - December 20, 2012

Auto loans originations continue to rise as consumers spend more wisely, according to Equifax’s latest National Consumer Credit Trends Report.

Get more facts and figures on auto lending here.

According to Equifax’s latest National Consumer Credit Trends Report, consumer credit originated year-to-date through September 2012 has increased nearly 30% to $675 billion from $523 billion during the same timeframe in 2010. Comparatively, credit originations today are below the 2006-2007 pre-recession levels of about $1 trillion by about one-third.

Auto Lending

  • Auto loans originated year-to-date through September 2012 totaled 16.4 million – an increase of more than 11% from same time a year ago and a five-year high.
  • At more than 58 million through November 2012, the total number of outstanding loans is at its highest level in 37 months.
  • Similarly, auto loan balances continue rising – through November 2012, balances totaled $775.7 billion, a 45-month high.
  • Auto loan amounts originated year-to-date through September 2012 ($318.2 billion) are more than 33% higher than the recession low for same time in 2009 ($210.2 billion).
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