The Consumer Financial Protection Bureau says it wants to work with fellow agencies and the private sector to develop a new auto finance data set.
The CFPB said auto loans rank third among consumer credit segments behind mortgages and student loans, but it has far more information on those markets than auto.
More than 100 million Americans have an auto loan, collectively owing $1.5 trillion. Auto debt was on pace to grow larger than the nation's outstanding student loan balance in the first half of 2023, according to the CFPB. It also noted issues such as rising vehicle prices, monthly payments, loan amounts and delinquencies and the prospect of consumers being priced out of the market.