This boost in balances was in part driven by new extensions of credit, with a large increase in the volume of mortgage originations and a continuation in the strong recent trend
in auto loan originations.
Auto loan balances continued their steady rise and
auto loan originations for 2016 reached a new annual record in the 18 - year history of this series.
In conjunction with the report, a new blog post,
describing auto loan originations by credit score and funding source is available on our Liberty Street Economics Blog.
NEW YORK —
Auto loan originations are at the highest level in eight years and auto loan balances, which include leases, have increased for the 13th consecutive quarter, according to the Federal Reserve Bank of New York's Q2 2014 Household Debt and Credit report.
Auto loan originations were $ 151 billion in the third quarter.
There were $ 142 billion in
auto loan originations in the fourth quarter, in turn making 2016 the highest auto loan origination year in nearly 20 years.
Wells Fargo (WFC), one of the largest U.S. auto lenders, last month reported a 29 % drop in
its auto loan originations for the first quarter from a year earlier.
Topics:
auto loan origination, auto loan servicing, debt collection, mortgage origination, student loan servicing, fair lending, reverse mortgages, supervision