The continued demand for new cars from consumers ready to replace their 10-year old vehicles, on average, has helped auto loans grow to $207 billion, according to Equifax.
That figure is as of year to date through June and is a 13.7% increase over the volume experienced during the same period in 2011, the data in Equifax's latest National Consumer Credit Trends Report showed.
During the first half of the year, sales of new cars and light trucks increased nearly 15%. Consumers are flocking to smaller, more efficient and cheaper vehicles, according Equifax.
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