Bill Ford, chairman of the namesake car company, said the increase in seven-year auto loans is worrisome.
In a CNBC interview today, he said, "I think we have to be careful because we don't want to get into a situation like we did before, where consumers are over-extended. That doesn't do anybody any good."
His warning comes at a time when Experian Automotive data show that 24.9% of all new-car loans were for 73 to 84 months the first quarter, up from just 10% four-year ago. The average length of a new car loan now is a record 66 months, Experian reports.
Read Article