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The Amount of Auto Debt in the U.S. Has Surged Past $1 Trillion

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Booming car sales fueled by low-borrowing costs and a supportive bond market have pushed U.S. auto debt to $1.01 trillion, according to data released Thursday by the Federal Reserve Bank of New York.

Borrowers took out $101 billion in car loans over the past year, outstripping the pace of growth for other kinds of consumer debt, the data show. By comparison, student loans grew $72 billion while mortgages increased $20 billion. On a quarterly basis, auto-loan growth is the highest in a decade, the Fed said.