Editor's note: An earlier version of this story used an incorrect figure for total auto loans. The total auto loan balance is $1.1 trillion.
Monthly payments for new- and used-vehicle loans hit record highs during the second quarter, but customers are still making their payments on time, Experian said Thursday.
Average new-vehicle payments increased 4.0 percent -- or $20 -- year-over-year to $525, while used-vehicle payments rose 3.6 percent -- or $13 -- from the year earlier, to $378, Experian said in its State of the Automotive Finance Market report.
Despite record-high monthly payments, 30-day delinquencies for loans and leases dropped to 2.11 percent from 2.2 percent the year earlier. Sixty-day delinquencies improved slightly to 0.64 percent, from 0.67 percent in the second quarter of 2017.
Delinquencies
