According to the Federal Reserve, «the outstanding student loan balance now stands at about $ 870 billion, surpassing the total credit card balance ($ 693 billion) and
the total auto loan balance ($ 730 billion).
Much of the increase in
total auto loan balances came from an increase in prime auto loans, even as subprime auto loans declined.
Not exact matches
Auto loans are the main reason total balances continue to expand: TransUnion, the credit bureau, recently reported that auto borrowing by Canadians rose nearly 9 % last y
Auto loans are the main reason
total balances continue to expand: TransUnion, the credit bureau, recently reported that
auto borrowing by Canadians rose nearly 9 % last y
auto borrowing by Canadians rose nearly 9 % last year.
In the event of a
total loss, Guaranteed
Auto Protection can waive or cancel the remaining
balance of your vehicle
loan after the payment from your insurance company.
Most
auto insurance policies are designed to only cover the vehicle's current cash value, not the
loan balance, when a
total vehicle loss occurs.
The New York Fed also reported that demand for
auto loans has softened generally over the last year, which raises the question as to how the
total outstanding
loan balance has reached record heights.
Nonmortgage credit
balances —
auto loans and cards issued by retailers and banks —
totaled $ 3.1 trillion in November, with each sector showing year - over-year
balance increases as well.
GAP insurance is a type of
auto insurance that covers the difference between your car
loan balance and the amount the insurance agency will reimburse you if your car is
totaled or stolen.
Important aspects to keep in mind when considering insurance include estimated
total of final expenses (e.g. medical bills, burial costs etc.),
total living expenses for all surviving family members, any outstanding
loans (e.g.
auto, credit cards), the unpaid
balance on one's mortgage, expected costs for your children's education, the estate taxes, and any business maintenance costs.
Gap covers the difference between your
auto loan balance and the car's cash value in the event of a
total loss.
If your car is over 2 years old and is
totaled, this coverage will pay the
balance of an
auto loan or replace your older car with a vehicle two years newer.