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Stock impact report

$1,000 car loan payments are on the rise. Car buying is stressing household budgets like never before. [CNN]

TransUnion (TRU) 
Last transunion earnings: 4/28 06:50 am Check Earnings Report
US:NYSE Investor Relations: investors.transunion.com
Company Research Source: CNN
High monthly car payments are putting tremendous stress on household budgets already struggling to deal with a higher cost of living. But many Americans need a car for everyday use, like commuting to work and grocery shopping. “Regardless of economic conditions like inflation, if somebody needs a car they're going to go out and get a car,” said Satyan Merchant, leader of TransUnion's automotive and mortgage business. “They're going to spend so the payments are going to stay elevated.” The average used car loan payment is $538 a month, according to TransUnion, which nearly equals the average payment on a new car in 2019. Meanwhile, the average new car payment has increased by $300, or more than 35%, since then to $769. Ravi Stephens II paid $80,000 in 2022 for a Ram 2500 pickup, which he planned to use in a business he was starting. The $1,019-a-month, seven-year loan he took out was more than double his previous car loan for a 2013 Camero. It didn't cause him too much trouble Show less Read more
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