US auto finance debt reached $1.61 trillion in Q2 2024, up 7.1% year over year and building on earlier balance growth. At the same time, underwriting stress shows up in delinquency rates, with 60+ day delinquencies rising to 3.92% in Q2 2024. The following statistics map how borrower demographics, credit performance, and financing terms are reshaping the market.
Key Takeaways
- Average FICO score for new auto loans: 725 in Q3 2024.
- Auto loan delinquency rate for loans 60+ days past due rose to 3.92% in Q2 2024.
- Average APR for new auto loans was 7.18% in August 2024.
- New vehicle financing averaged $39,633 per loan in Q2 2024.
- In Q2 2024, outstanding auto loan debt in the US reached $1.61 trillion, up 0.7% from Q1 2024 and 7.1% year-over-year.
Auto finance volumes rose steadily, signaling stronger demand and improving credit conditions for consumers.
Related reading
01 · Category
Consumer Demographics26 stats
01
Average FICO score for new auto loans: 725 in Q3 2024.
02
38% of auto loans in 2023 went to millennials aged 27-42.
03
Women accounted for 45.2% of auto loan applicants in 2023.
04
Gen Z (18-26) auto loan originations up 22% YoY to 1.8 million in 2023.
05
Hispanic buyers represented 22.4% of new vehicle financing in 2023.
06
Average borrower age for subprime loans: 41 years in 2023.
07
Urban residents originated 62% of auto loans in 2023.
08
Baby boomers held 28% of outstanding auto debt in 2024.
09
55% of EV loans went to buyers under 45 in Q2 2024.
10
Income under $50k households: 31% of used auto loans.
11
African American borrowers: 13.7% of total auto originations 2023.
12
Single applicants: 48% of auto loan approvals in 2023.
13
Rural areas saw 15% higher subprime penetration at 28%.
14
Gen X (43-58) average loan size: $32,450in 2023.
15
College-educated borrowers: 67% of prime auto loans.
16
Self-employed applicants: 12% of total, higher denial rate 22%.
17
Military/veteran discounts used in 8.5% of loans 2023.
18
High-income (>100k) share of luxury leases: 71% in 2023.
19
First-time buyers: 19% of originations, average FICO 680.
20
Married/joint applicants: 52% with higher approval rates.
21
Asian American borrowers: 6.2% of new auto financing.
22
Retirees (65+) originated 9.4% of auto loans in 2023.
23
Low credit (<600 FICO) demographics: 45% under $40k income.
24
Regional: South US 36% of national auto loan volume.
25
25-34 age group: highest LTV at 112% average.
26
Female borrowers average loan term: 66 months vs 64 for males.
Interpretation
Consumer Demographics Interpretation
The auto finance landscape reveals a market divided, where cautious millennials and prime scores dominate the overall picture, yet the energetic surge of Gen Z, persistent subprime borrowing in urban and rural areas alike, and the clear demographic shifts in EV adoption and luxury spending prove that wheels—and risk—are spinning on every kind of road.
02 · Category
Credit Quality & Delinquencies25 stats
01
Auto loan delinquency rate for loans 60+ days past due rose to 3.92% in Q2 2024.
02
Serious delinquency (90+ days) for auto loans hit 1.65% in Q1 2024.
03
Subprime auto loan delinquency rate reached 5.31% for 60+ days in Q3 2024.
04
Overall auto loan delinquency (30+ days) increased to 4.88% YoY in Q2 2024.
05
Prime borrower delinquency rate: 1.92% for 60+ days in 2023.
06
Used vehicle loan 90-day delinquency: 2.41% in Q4 2023.
07
New auto loan charge-off rate: 0.45% in Q2 2024.
08
Subprime charge-offs rose 12% YoY to 4.2% annualized in Q3 2024.
09
Auto loan recovery rates averaged 52.3% on repossessions in 2023.
10
Delinquency rate for 2021 vintage loans: 6.8% at 60+ days in 2024.
11
Overall net charge-off rate for auto loans: 1.12% in Q1 2024.
12
BHPH delinquency averaged 18.5% in 2023 surveys.
13
EV auto loan delinquency: 2.1% vs. 1.8% for ICE in Q2 2024.
14
Loans 120+ days delinquent: 0.92% industry-wide in 2023.
15
Subprime new auto delinquency: 4.7% at 30+ days in Q3 2024.
16
Repossession rates up 15% YoY to 0.35% in H1 2024.
17
Vintage 2022 loans delinquency at 4.2% cumulative in 2024.
18
Credit union auto portfolio delinquency: 0.89% in Q2 2024.
19
Deep subprime delinquency hit 11.3% for 60+ days in 2023.
20
Auto ABS cumulative net losses: 3.4% for 2020-2023 vintages.
21
Used superprime delinquency stable at 0.72% in Q4 2023.
22
Foreclosure starts on auto loans: 0.12% annualized in 2024.
23
Lease delinquency rates: 1.45% for 60+ days in Q2 2024.
24
Nonprime charge-offs: 3.8% in bank portfolios 2023.
25
72-month loan delinquency higher by 1.2% vs shorter terms.
Interpretation
Credit Quality & Delinquencies Interpretation
The auto finance industry is discovering that the phrase "easy monthly payments" is often followed by a trailing silence of missed ones, as delinquency rates creep upward like a car payment reminder you keep meaning to set.
03 · Category
Interest Rates & Financing Terms19 stats
01
Average APR for new auto loans was 7.18% in August 2024.
02
60-month used auto loan APR averaged 11.62% in Q3 2024.
03
Subprime new auto APRs reached 14.2% average in 2023.
04
Prime borrowers saw 6.75% APR on 72-month new loans Q2 2024.
05
Lease money factor equivalent to 5.9% APR in luxury segment 2023.
06
Refinance APR savings averaged 1.8 percentage points in 2023.
07
Credit union auto loan rates: 6.45% average for 36 months 2024.
08
84-month loan APRs averaged 7.9% for superprime in Q3 2024.
09
BHPH average APR: 18.7% across portfolios in 2023.
10
EV financing APR premium: +0.5% over ICE vehicles in 2024.
11
Bank prime auto APR: 5.92% for new cars 60 months Q2 2024.
12
Average auto lease rate factor: 0.00245 (equiv 5.88% APR) 2023.
13
Deep subprime APRs exceeded 20% for used loans in 2023.
14
Captive 0% APR deals: 12% of new originations in 2023.
15
Used auto refinance APR: 8.21% average in H1 2024.
16
Online lender APR for good credit: 5.49% 36-month new.
17
Nonprime used APR: 13.45% average Q3 2024.
18
Commercial auto loan rates: 6.8% fixed for 5 years 2023.
19
Rate spread for 2023 model loans: +2.1% vs 2022.
Interpretation
Interest Rates & Financing Terms Interpretation
While navigating today’s auto finance landscape feels like a credit score obstacle course, with APRs ranging from promotional zeros to punitive twenties, the golden rule remains: your rate is less about the metal and more about your mettle.
More related reading
04 · Category
Loan Originations & Volumes26 stats
01
New vehicle financing averaged $39,633per loan in Q2 2024.
02
Total auto loan originations reached 16.8 million in 2023.
03
Used vehicle loan originations increased 8.5% YoY to 9.4 million in Q3 2024.
04
Average new auto loan amount was $41,720in 2023.
05
Lease originations for new vehicles totaled 1.1 million in Q1 2024.
06
Bank-originated auto loans numbered 5.2 million in 2023.
07
Subprime originations hit 3.7 million loans in 2023, up 10%.
08
Refinanced auto loans totaled 2.8 million in H1 2024.
09
New auto loans originated by captives: 4.8 million in 2023.
10
Average used auto loan amount rose to $28,912in Q2 2024.
11
Total lease contracts signed: 2.6 million in 2023.
12
Prime credit tier originations: 9.1 million loans in 2023.
13
Buy-here-pay-here (BHPH) loans originated 1.4 million in 2023.
14
EV auto loan originations: 1.2 million in 2023.
15
Credit union auto loans: 3.9 million originated in 2023.
16
Average loan-to-value (LTV) for new auto loans: 104.2% in Q3 2024.
17
Used car loan originations by non-captives: 6.3 million in 2023.
18
72-month loan originations share: 45.1% of new auto loans in 2023.
19
Total auto refinance volume: $112 billion in 2023.
20
Superprime originations: 4.2 million loans in Q4 2023.
21
Lease miles allowance averaged 10,500 per year in 2023 contracts.
22
Nonprime used auto loans: 2.9 million in 2023.
23
Average down payment on new autos: 10.2% or $4,249 in 2023.
24
Captive lease originations: 1.8 million in 2023.
25
Online-only lender originations grew to 850,000 loans in 2023.
26
Commercial fleet financing: 450,000 contracts in 2023.
Interpretation
Loan Originations & Volumes Interpretation
Americans are driving off the lot with record amounts of debt, as evidenced by the average new car loan nudging past $41,000 and over 45% of new loans stretching to a wearying 72 months, yet the market accelerates unabated with 16.8 million originations in 2023 and a concerning 10.5% jump in subprime borrowers willing to finance a used car for nearly $29,000.
05 · Category
Market Size & Growth30 stats
01
In Q2 2024, outstanding auto loan debt in the US reached $1.61 trillion, up 0.7% from Q1 2024 and 7.1% year-over-year.
02
The US auto finance market size was valued at $1.47 trillion in 2023 and is projected to grow at a CAGR of 5.2% from 2024 to 2030.
03
Auto loan originations hit 17.1 million units in 2023, a 12% increase from 2022.
04
Captive finance companies held 32.4% market share in new vehicle financing in Q3 2024.
05
Total auto loan balances grew by $49 billion in Q1 2024 to $1.59 trillion.
06
The global automotive finance market was valued at $287.5 billion in 2023, expected to reach $456.2 billion by 2032 at 5.3% CAGR.
07
US auto finance penetration rate for new vehicles was 85.3% in 2023.
08
Subprime auto loan market share increased to 22.1% of originations in 2023.
09
Auto lease originations totaled 1.32 million in Q2 2024, up 4% YoY.
10
Projected US auto loan market growth to $1.75 trillion by 2028.
11
New auto loan balances outstanding rose 9.2% YoY to $887 billion in Q4 2023.
12
Used auto finance market grew 6.8% in 2023 to $692 billion in balances.
13
Auto finance revenue in the US reached $112.4 billion in 2023.
14
EV financing market share of new auto loans was 10.4% in Q3 2024.
15
Commercial auto loan balances stood at $234 billion in 2023.
16
Auto loan originations for Q4 2023 totaled 4.1 million, down 2% from Q4 2022.
17
North American auto finance market projected CAGR of 4.9% through 2030.
18
Total US household auto debt hit $1.6 trillion in mid-2024.
19
Prime auto loan market contracted 1.5% in originations during 2023.
20
Lease penetration for luxury vehicles reached 45.2% in 2023.
21
Auto finance ABS issuance totaled $22.7 billion in H1 2024.
22
US auto retail finance market share at 91% for new cars in 2023.
23
Projected growth in auto loan delinquencies to impact market size by 2025.
24
Captive lenders financed 2.9 million new vehicles in 2023.
25
Total auto loan portfolio for banks was $450 billion in 2023.
26
Online auto finance platforms grew 15% in market penetration 2023.
27
Refinance auto loans surged 18% in volume to 3.2 million in 2023.
28
Auto finance market in Europe valued at €250 billion in 2023.
29
US auto loan securitization market hit $45 billion in 2023.
30
Heavy truck financing market size $78 billion globally in 2023.
Interpretation
Market Size & Growth Interpretation
Despite Americans' collective car note climbing to a staggering $1.6 trillion, the industry is happily shifting into higher gear, betting that our love for new rides—and a concerning rise in subprime borrowing—will keep this financially engineered joyride rolling toward a projected $1.75 trillion by 2028.
Reference
Cite This Report
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APA
Samuel Norberg. (2026, February 13). Auto Finance Industry Statistics. Gitnux. https://gitnux.org/auto-finance-industry-statistics
MLA
Samuel Norberg. "Auto Finance Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/auto-finance-industry-statistics.
Chicago
Samuel Norberg. 2026. "Auto Finance Industry Statistics." Gitnux. https://gitnux.org/auto-finance-industry-statistics.
Sources & references
61 datasets cited across this report · attribution is report-level