News Summary

• The average monthly payment on a financed new car hit a record $787 in the third quarter.
• Nationwide, auto loan balances reached $1.71 trillion in the second quarter, according to the New York Fed.
• The average new vehicle sold for $50,562 in September, per Kelley Blue Book, just $52 shy of the all-time high.
• For buyers struggling to afford today's prices, the dealership finance office offers a tempting solution: stretch the loan.
• But longer terms carry consequences, some of which aren't immediately obvious.