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