Auto loan debt currently makes up over 9% of all outstanding household debt. Its growth accompanied a rise in total household debt, which stood at $16.51 trillion as of November 2022, an increase of over $2 trillion since the end of 2019. Auto loan debt is the third-largest category of American household debt after mortgage debt ($11.67 trillion) and student loan debt ($1.57 trillion), both of which have also increased steadily since 2011.
American Debt: Auto Loan Balances Hit $1.6 Trillion in Q3 2023