Table: The rise in auto loans across the US

12

Auto loans are a growing burden on the American pocketbook. Drivers owed a record high of $839 billion on their vehicles in the second quarter of 2014, according to Experian. A Bankrate analysis of government data shows that the amount of auto debt on a per capita basis has increased over the years as well.
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The table below represents auto debt from 1999 to 2012 in every state, the District of Columbia and Puerto Rico. It uses the most recent statistics on auto loans available from the Federal Reserve Bank of New York.The Fed, which collects this data during its annual Consumer Credit Panel survey, partnered with the credit reporting bureau Equifax to measure individual and household debt. The Fed’s survey represents a sample of 5 percent of all Americans who have a Social Security number and credit report.The auto debt per capita in each state was calculated by dividing the total auto debt balance of the sample used for the survey by the number of consumers in the sample. Random and anonymous participants were selected by the Fed to include residents with Social Security numbers and credit reports at the time of the survey.In the table below, you will find the per capita auto loan amount in the fourth quarter of 1999 adjusted for inflation and for the same period of 2012, as well as the percentage change during the period.

Auto loans per capita by state

State
Auto debt per capita Q4 1999*
Auto debt per capita Q4 2012
Change
1999 to 2012
(%)

Mississippi
$1,830
$3,370
84

Hawaii
$1,450
$2,510
73

North Dakota
$2,030
$3,470
71

West Virginia
$2,150
$3,670
71

Nebraska
$1,850
$3,080
66

Oklahoma
$2,410
$3,980
65

Iowa
$1,970
$3,150
60

South Dakota
$2,150
$3,420
59

Wisconsin
$1,560
$2,470
58

Louisiana
$2,600
$4,030
55

New York
$1,850
$2,870
55

Wyoming
$2,850
$4,350
53

Kentucky
$1,890
$2,870
52

Alaska
$2,760
$4,140
50

Arizona
$2,410
$3,540
47

Alabama
$2,380
$3,480
46

Montana
$2,050
$3,000
46

New Hampshire
$2,560
$3,740
46

Kansas
$2,140
$3,110
45

Ohio
$2,190
$3,110
42

Vermont
$2,600
$3,680
42

New Mexico
$2,840
$3,990
40

Utah
$2,590
$3,600
39

Virginia
$2,550
$3,540
39

Pennsylvania
$2,230
$3,080
38

Colorado
$2,490
$3,390
36

New Jersey
$2,330
$3,180
36

Florida
$2,550
$3,370
32

Indiana
$2,330
$3,020
30

North Carolina
$2,730
$3,520
29

Puerto Rico
$2,200
$2,840
29

Illinois
$2,370
$3,010
27

South Carolina
$2,510
$3,180
27

Nevada
$2,780
$3,490
26

Texas
$3,830
$4,790
25

California
$2,370
$2,950
24

Tennessee
$2,550
$3,110
22

Connecticut
$2,300
$2,770
20

Arkansas
$3,090
$3,640
18

Massachusetts
$2,340
$2,750
18

Delaware
$2,930
$3,420
17

Georgia
$2,960
$3,470
17

Minnesota
$2,300
$2,700
17

District of Columbia
$1,970
$2,280
16

Maryland
$3,270
$3,750
15

Maine
$2,780
$3,110
12

Missouri
$2,670
$2,980
12

Washington
$2,630
$2,940
12

Idaho
$2,620
$2,840
8

Oregon
$2,410
$2,480
3

Rhode Island
$2,670
$2,580
-3

Michigan
$3,290
$2,880
-12

*Adjusted for inflationSource: The Federal Reserve Bank of New York.
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