Higher third-quarter vehicle sales and an increased demand for credit sent auto loan volume up last quarter, according to data released yesterday by the Federal Reserve.
Specifically, auto loan volume increased $21.2 billion in the third quarter, on the heels of a $20.1 billion boost in 2Q, according to a Bloomberg report. The Fed lumps auto finance with student lending in its nonrevolving debt category. In all, nonrevolving debt outstandings totaled $2.20 trillion on Sept. 30, up from $2.16 trillion at midyear.
The Fed data showed that that average rate for a 48-month new-car loan was 4.46% in the third quarter, compared with 4.13% in 2Q and 4.88% in 3Q12.
Consumer credit as a whole inched up to $3.05 trillion in the third quarter, from $3.01 trillion in the second. Monthly, consumer credit was up $13.7 billion in September and $14.2 billion in August.
