Young adults aged from 18 to 29 are taking fewer auto loans than they have been, according to a quarterly survey just released by the Federal Reserve Bank of New York. Fewer than one million young adults took on auto-loan debt last quarter. Conversely, the survey showed that in keeping with the growth in 60 to 69-year-old demographic, more older folks than ever took on auto loans last quarter.
Overall, the auto loan market performs well last quarter with new loans jumping by $14 billion to $92 billion in the second quarter of the year. This is the best showing new auto loans have shown since the third quarter of 2007. The total auto loan balances in the nation reached $800 billion after increasing by $20 billion.