Auto loan balances reached $934 billion in the third quarter, while originations totaled $105 billion, according to the Federal Reserve Bank of New York’s Household Debt and Credit report. The rise in outstandings — $29 billion quarter-to-quarter and $89 billion year-over-year — marks the 14th straight quarter of increase, the report said.
Meanwhile, the 90-day delinquency rate fell 20 basis points from the previous quarter, to 3.1% from 3.3%. With household debt trending upward across all lending categories, the N.Y. Fed concluded that “it appears that the deleveraging period has come to an end, and households are borrowing more.”
