Auto lenders continue to tap the brakes on all but the highest-quality loans and leases, dialing back even on customers in the lower categories of prime-risk credit, in response to a gradual uptick in delinquencies.
Second-quarter auto loan and lease originations inched up 1.9 percent from the year earlier to $151.2 billion, the New York Fed reported last week in its "Quarterly Report on Household Debt and Credit." Those originations include new and used vehicles.
Total auto loan and lease balance reached a record $1.24 trillion, marking 13 consecutive quarters of balance higher than $1 trillion. Auto loan and lease debt passed $1 trillion for the first time in the second quarter of 2015.