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Monthly Auto Payment at All-time High
Posted on: 12/23/2015
It had to happen sooner or later and in November the record was broken. The record of the average monthly payment on a new-vehicle was higher than ever before at $504. This new high payment was $12 more than in November 2014.
Edmunds.com said the average new-vehicle loan was higher than the previous November even though the average term of the loan of 68.3 months was an increase of 1.3 months.