The average monthly payment on a new-vehicle loan reached a record in November, as transaction prices rose, Edmunds.com said.
“For the first time ever, monthly payments crossed the $500 threshold,” said Jessica Caldwell, director of pricing and industry analysis for Edmunds.com.
The average monthly payment in November was $504, 2.4 percent, or $12, higher than a year earlier, Edmunds data show. That also represented a gain of 1.2 percent from October.
It was “a direct effect of high transaction prices,” Caldwell said. The average vehicle transaction price was $34,195 last month, rising 2.7 percent, or $913, from an average $33,282 in November 2014.
The rise in payments came despite lengthier loans. November’s average new-vehicle loan stretched to 68.3 months, up 1.3 months from the year-earlier average. November’s average term retreated slightly, though, from October’s average 68.5 months.
The average down payment on those loans was $3,543, sliding 0.5 percent, or $17, from a year earlier. But that was also up 2.9 percent, or $100, from October.
Annual percentage rates grew to 4.58 percent in November from 4.47 percent a year earlier and 4.49 percent in October.