It appears that one spending decision many Americans are making this year is the decision to buy a new car. New car sales are up in 2015. Specifically, they are estimated to have increased by almost 6 percent.
At the same time the U.S. is seeing this increase in new motor vehicle sales, it is also seeing a rise in automobile prices. Given these twin increases, it comes as little surprise that auto loan totals in the U.S. are up this year; there has been an 11 percent increase in the total amount of car loan debt held by consumers. This increase has put this total at a historically high level. Specifically, the auto debt total has crossed a threshold it never has before, the $1 trillion threshold.