5 major auto financing metrics move higher in November

SANTA MONICA, Calif. - 

Each of the five metrics involving used- and new-vehicle financing that Edmunds tracks each month moved higher in November. That collection includes averages for terms, monthly payment, the total amount financed, APR and down payment.

Edmunds manager of industry analysis Jeremy Acevedo pinpointed a reason why the metrics edged higher year-over-year and are all well above where they stood five years ago.

Acevedo said, “2017 has been the year of the SUV. Consumers have proven time and time again this year that they’re not afraid of the bigger price tags, higher APRs and longer loan terms.”

The following charts summarize Edmunds’ latest finance data.

New-Vehicle Finance Data
  November 2017 November 2016 November 2012
 Term  69.26 months  68.77 months  65.17 months
 Monthly Payment   $524  $518  $471
 Amount Financed  $31,433  $31,022  $27,126
 APR  4.81 percent  4.53 percent  4.09 percent
 Down Payment  $3,906  $3,616  $3,622

 

Used-Vehicle Finance Data
  November 2017 November 2016 November 2012
 Term  67.06 months  66.86 months  63.60 months
 Monthly Payment  $389  $382  $363
 Amount Financed  $21,494  $21,269  $19,127
 APR  7.66 percent  7.36 percent  7.83 percent
 Down Payment  $2,475  $2,345  $2,181

 

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