There are many reasons for the record high loan levels. Americans still prefer larger vehicles such as SUVs and trucks, which tend to be more expensive, and interest rates are still rising, meaning that even customers with good credit scores are paying more. Meanwhile, wages, for much of the country, have stagnated.
High interest rates, high vehicle prices and big loans generally lead to another dark place: loan defaults. A new interactive map created by the Urban Institute graphically plots the geography of auto loan debt and delinquency in the U.S. at the state and county level to show who is bearing the brunt of this auto debt burden, and where.
Read the full article at Cantin Automotive Insider.