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Nearly 1 in 5 New Vehicle Loans Now Exceed $1,000 Monthly Payment

Nearly 19% of new vehicle loans carried monthly payments of at least $1,000 in the first quarter, according to an analysis of more than 5 million open auto loans and leases. The surge marks a dramatic shift from five years ago, when such high-payment loans represented just 5% of the market. Pickup trucks dominate the $1,000-plus category, with the Ford F-150, Chevrolet Silverado 1500 and Ram 1500 leading the way. Counterintuitively, almost 74% of loans exceeding $1,000 monthly are for non-luxury models. The chip shortage of 2021-2022 accelerated the trend by forcing automakers to prioritize production of higher-margin vehicles, driving prices upward. The average vehicle loan now stands at an all-time high of $43,952, with average monthly payments reaching $770. Prices and loan amounts remain elevated as the auto market stabilizes.