Auto loan, lease balances top $1 trillion Equifax
As of June 2015, the total outstanding balances on auto loans and leases is $1.02 trillion,
an increase of 10.5 percent from a year ago, Equifax reports. The number of outstanding
accounts is up 8 percent from a year ago to 73.7 million.
Strong sales numbers in both the new-car and used-car markets, coupled with the availability of
quality financing for consumers are a few of the main reasons the industry has reached the
$1 trillion mark, said Dennis Carlson, deputy chief economist at Equifax.
While auto loan balances through June are growing at similar rates for banks and finance
companies (10.1 percent and 10.2 percent respectively), finance company lease portfolios are
more than seven times the size of bank lease portfolios.
More than 9 million auto loans, totaling $182.9 billion, have been originated through April 2015
a 5.8 percent increase in accounts and an 8 percent rise in balances from a year ago. These are
the highest levels for this time period since Equifax began tracking this data.Download Bulletin PDF