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Open automotive loans climb 11.% to $1 trillion

Staff writer ▼ | May 20, 2016
The total balance of open automotive loans climbed 11.1 percent in the first quarter of 2016, surpassing the trillion dollar mark for the first time on record, Experian Automotive said.
Open automotive loans
Selling cars   Open leases grew by 27.55 percent
According to the most recent State of the Automotive Finance Market report, loan balances reached $1.005 trillion in Q1 2016, up from $905 billion in Q1 2015.

Open leases grew by 27.55 percent to an all-time high of $76.9 billion, up from $73.1 billion the previous year.

The market first reached the trillion dollar mark — with the combined total balance of open loans and leases — in Q3 2015.

Findings from the report also show that while there were increases in both 30- and 60-day delinquency rates, the overall percentage of total delinquent loans remains relatively low when compared to pre-recession levels.

In Q1 2016, the percentage of loans and leases considered 30-days delinquent was 2.1 percent, up from 2.02 percent in Q1 2015.

Additionally, the percentage of loans and leases considered 60-days delinquent grew from 0.57 percent to 0.61 percent over the same time period.