U.S. Auto Debt Grows to Record High Despite Pandemic – experian.com
stefan.lembo-stolba
In this article:
• Auto Debt Climbs to Record High of $1.37 Trillion
• Average Consumer Auto Debt Balances Grow Amid Pandemic
• Auto Delinquencies Dipped But Are Now on the Rise
• Car Buyers Skew Prime During Pandemic
• Auto Balances Increase Most Across High Credit Ranges
• Young Generations Again Drive Auto Debt Growth
• Consumers in All States See Increase in Auto Balances
• Auto Leasing Slows, While Electric Vehicles’ Popularity Surges
Though the COVID-19 pandemic decisively changed many aspects of Americans’ routines, one of the most notable differences has been in mobility and the necessity to leave the house.
Pandemic lockdowns and the desire to avoid infection kept many Americans inside, causing them to reconsider how much they can get done without leaving home. With stay-at-home the new normal in 2020—and a record number of people working remotely—the nation rapidly adapted to delivery services, and many online retailers saw their businesses boom.
