Buyers fret as the average cost of a new car nears $50K

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6. 'Auto Loan Delinquencies Surge to 32-Year Record -- The Average Monthly Payment + Insurance Will Shock You'

"The American dream of car ownership is turning into a nightmare for millions...Subprime auto loan delinquencies have just hit their highest level in 32 years...At the same time, the average monthly payment for a new car has soared to $774 per month."

"More borrowers than ever are 60 or more days behind on their car payments...For years, lenders have been stretching out loan terms to 72, 84, and even 96 months to make sky-high car prices seem more affordable. Some credit unions are even offering 10-year car loans, a practice that industry veteran Brian Binstock calls a 'death trap for customers.' "

"Lending standards have been getting looser and looser, perhaps aiding to recent strain. Some lenders have been approving loans for people with credit scores in the 500s and incomes as low as $5,000 a year."

"The $774 monthly payment mentioned earlier is just the payment. When you add in the average cost of full-coverage car insurance, which Bankrate puts at $225 a month, you're looking at $999 a month just to own and insure a new car."

https://finance.yahoo.com/economy/articles/auto-loan-delinquencies-surge-32-150112001.html