The average auto loan balance per consumer grew 2.7% in the second quarter, and reached $18,177 — the highest level post-recession, according to TransUnion data. The average balance was up from $17,699 at the same time a year ago.
Auto loan originations also hit an all-time, post-recession high, with 6.4% year-over-year growth to 6.93 million, up from 6.51 million at the same time a year ago.
Auto loan delinquency rates also saw a modest rise year over year, to 1.11% in 2Q, up from 1% at the same time a year ago, according to TransUnion.
However, the uptick in delinquencies is not a cause for concern, according to Jason Laky, senior vice president and automotive and consumer lending leader for TransUnion.
“While delinquency rates rose in the second quarter, auto delinquency has been at all-time lows,” Laky said in a press release.