More than 100 million Americans have an auto loan and auto loan debt in the U.S. is at a record high of $1.56 trillion. Between the Covid-19 pandemic, supply chain issues, alleged predatory lending practices, inflation, and the Federal Reserve’s interest rate hikes, getting an auto loan is getting increasingly difficult and costly. CNBC spoke with Chase Auto and Toyota Financial Services to learn what’s happening in the auto loan industry and what consumers can do to make sure they’re protected.
Chapters:
00:00 — Introduction
01:51 — How auto loans work
05:49 — Market changes
08:19 — Alleged predatory lending
13:19 — Consumer protection
Produced and Edited by: Emily Lorsch
Animation: Alex Wood, Jason Reginato
Senior Managing Producer: Tala Hadavi
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Why Americans Are Falling Behind On Car Loans
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