Average auto loan debt per family now over $13G

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With Americans owning nearly $1.6 trillion in auto loan debt (over $13,400 per household), the personal-finance website WalletHub today released its report on the States Where Auto Loan Debt is Increasing the Most. WalletHub ranked the states with the largest auto loan debt increases based on its proprietary data on consumer debt from Q3 2023 to Q4 2023.

Biggest Increase Smallest Increase
1. Wyoming 41. Ohio
2. South Dakota 42. Nevada
3. Texas 43. Oregon
4. Delaware 44. West Virginia
5. Minnesota 45. Michigan
6. North Dakota 46. Connecticut
7. Colorado 47. Montana
8. Florida 48. Utah
9. Alaska 49. Missouri
10. Arizona 50. Rhode Island

For the full report, please visit:

"From Q3 2023 to Q4 2023, residents of most states either had a less than 1% increase in their average auto loan balance, or actually had that average decrease. A few states had more dramatic increases, as high as around 3%, which suggests that people in some states are more affected by inflation in car prices or are biting off more than they can chew when it comes to loans."

"Wyoming residents have a very high average auto loan balance, at $22,104, and reached that number after increasing their average by nearly 1.9% between Q3 2023 and Q4 2023. Wyoming residents pay out a whopping $543 per month toward their auto loan debt, on average."

- John Kiernan, WalletHub Editor
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