Auto originations hit a 10-year high of $119 billion in the second quarter — an increase that drove most of a $67 billion uptick in non-housing debt, according to the latest Household Debt and Credit Report from the New York Federal Reserve.
By comparison, new and used loan and lease volume was $101 billion for the second quarter of 2014, according to the New York Fed. That was the highest volume of auto originations since the third quarter of 2006.
Also for the second quarter, total auto loans and leases outstanding were $1.01 trillion, up from $905 billion a year ago, the New York Fed said.
In July, the New York Fed said its Credit Access Survey showed an increase in credit application rates for all types of credit, including auto loans, in the prior 12 months.
In terms of expectations, respondents said they were more likely to apply for an auto loan in the next 12 months, and an increasing number said they expected their auto loan applications would be approved. Only 3.3% of respondents said they expected their auto loan application would be rejected, roughly half the level of a year ago, the New York Fed said.
