Outstanding consumer credit increased at an annual rate of 7.4 percent in November, up from the 1-percent increase rate in October, according to the recent Federal Reserve Statistical Release.
Nonrevolving consumer credit, which includes auto loans, increased at an annual rate of 5 percent, or $6.7 million. In October it fell by a revised 3.5 percent.
Interest rates at auto finance companies for new cars increased to 4.20 percent in November from 4.11 percent in October.
Loan maturities remained steady from October to November at around 63 months. The loan-to-value ratio remained steady as well at 95 percent.
Amount financed decreased by $1,319 in November to $29,419.
Nonrevolving consumer credit increased by $2.5 billion from October to November, reaching $1.572 trillion. Finance companies represent the majority of that at $487 billion, up $1 billion from October. Commercial banks represent the second largest segment, remaining steady from October to November at $448 billion. Pools of securitized assets, credit unions, and federal government and Sallie Mae all remained steady from October to November. Pools of securitized assets made up $234 billion of nonrevolving consumer credit, credit unions represented $209 billion, and federal government and Sallie Mae together represented about $98 billion. Savings institutions and non-financial businesses each made up about $48 billion, an increase of $1.5 billion for non-financial businesses, but no change for savings institutions.