Near record high auto sales, rising prices on new vehicles and low interest rates have combined to help Americans take out almost a trillion dollars in auto loans.
Experian Automotive, which tracks auto financing and vehicle purchases, says American's borrowed a record amount in the second quarter, bringing totals to $932 billion.
"The automotive loan market is gaining momentum while maintaining remarkable stability. It's a good sign for the economy overall," said Melinda Zabritski, Experian's senior director of automotive finance.