Southern states lead those with the heaviest auto-debt burden, claiming four of the top five spots and led by Texas at an average balance of $6,700.
Everything’s bigger in Texas, including the average size of the Lone Star state’s car and truck loans.
The northeastern U.S., plus Michigan, tend to carry the lowest auto-debt balances, led by the District of Columbia at an average of $3,000. Auto-loan vulnerabilities are coming under increased scrutiny as the economic expansion ages. Long-running low interest rates, and the chance that the Federal Reserve will cut rates again soon, leaves many watching for risky bubbles.
Credit experts are quick to remind that the auto-loan market is far from the powder keg that the overly leveraged mortgage market was when the globe plunged into a financial crisis a decade ago. Housing foreclosures can stain whole neighborhoods and seize up bank lending; auto loan delinquencies just don’t have that reach, in part because it’s much easier to off load repossessed cars than houses.
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