Lengthy Loans

May’s seasonally adjusted annual sales rate of 17.8 million vehicles, the best since 7/05, was terrific! Moreover, the average sales price was $33,363 a rise of 4.3% since 5/14. Fewer fleet sales helped, but low gas prices caused elevated truck and SUV sales. The average new car loan is now 67 months, with loans between 73 and 84 months comprising 30% of loans, both records. Average loan size, $28,211.