Experian's releases latest auto report

SCHAUMBURG - The automotive finance market saw strong performance during the first quarter, according to Experian's quarterly State of the Automotive Finance Market report. Total open automotive loan balances increased from $1.168 trillion in the first quarter of 2020 to $1.288 trillion in the same period this year.

"The industry continues to be resilient, despite the continuation of some of the challenges caused by COVID-19, such as used inventory and global chip shortages," said Melinda Zabritski, Experian's senior director of automotive financial solutions.

There are regional differences in the types of vehicles being financed, according to the report. For instance, the Ford F150 is the top financed new vehicle in the Midwest and South regions, compared to the Toyota RAV4 in the West region and the Honda CR-V in the Mideast. These differences also impact average manufacturer's suggested retail prices in the regions, which is slightly higher in the West region, at $38,121, and lowest in the Northeast region at $36,989.

The average new vehicle loan amount was $35,392 in the first quarter, up from $33,833 last year, while the average monthly payment increased $7 year-over-year to $577.