Auto loan debt tops $1 trillion

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Monday, November 16, 2015

Americans owe more on their cars than ever.

U.S. car buyers are $1 trillion dollars in debt on car purchases. Analysts attribute that to low interest rates and strong car sales despite rising prices.

The average payment is just under $400 a month.

Analysts said the car industry is on track to sell a record number of cars this year, mostly because of low interest rates.

New car sales are up nearly six percent so far this year, according to sales tracker Autodata.