American Auto Loan Crisis: $1.66 Trillion in Debt and Rising Defaults

US auto loan debt has reached a staggering $1.66 trillion, with delinquencies, defaults, and repossessions surging to levels surpassing even those seen before the 2008 financial crisis. High monthly payments (averaging $745, with 20% of buyers paying over $1000) and the impending expiration of the EV tax credit are straining borrowers, even those with good credit. The Consumer Federation of America warns this could signal a broader economic crisis. The article concludes by suggesting consumers make responsible financial choices to avoid such debt traps.