FRESNO, Calif. (KMJ) — For the seventh-straight year, auto sales hit a new record in 2016.
According to a new WalletHub report, motorists are also driving up debt.
The latest Federal Reserve data shows auto loan balances rose by $32 billion at the end of last year, to more than $1.1 trillion.
The Central Valley is home to some of the largest debt-to-income ratios.
The City of Delano has a debt ratio of 142 percent, with an average car loan of more than $22,000, and the median annual income being less than $16,000.
Here in Fresno, the auto loan debt ratio is 81 percent, as the average loan is about $19,000, and the median annual income is more than $23,000.
Aaron Abeytia anchors afternoon newscasts on News/Talk 580 & 105.9 KMJ. Read More…
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