[20190425]IF11192_汽车贷款市场与政策问题.pdf

https:/crsreports.congress.gov April 25, 2019The Automobile Lending Market and Policy IssuesAn automobile (auto) loan allows a consumer to finance the purchase of a new or used car. In most parts of the United States, access to a car is critical for people to be able to get to work and other important activities. According to Kelley Blue Book, a vehicle valuation and research company, the average cost of a new car was more than $36,000 in 2018. Most people cannot pay such a large amount in cash. For this reason, many people choose to finance the cost of a car. The auto loan market is the third-largest consumer credit market in the United States, after mortgages and student loans. According to the New York Fed, at the end of 2018, 113 million consumersroughly 45% of adult Americanshad an auto loan and auto loan debt outstanding totaled almost $1.3 trillion. This In Focus provides a brief overview of the auto lending market, explains how the market is regulated, and analyzes related policy issues. Overview of the Auto Lending Market Auto loans are usually structured as installment loans, where a consumer pays a fixed amount of money each month for a predetermined time period, freque