Why Americans are falling behind on auto loans

More than 100 million Americans have a car loan and auto debt in the United States is at an all-time high of 1.56 trillion. Between the Covid-19 pandemic, supply chain issues, alleged predatory lending practices, inflation, and Federal Reserve interest rate hikes, getting an auto loan is becoming increasingly difficult and expensive. CNBC spoke with Chase Auto and Toyota Financial Services to find out what's happening in the auto loan industry and what consumers can do to make sure they're protected.

Chapters:
00:00 — Presentation
01:51 — How car loans work
05:49 — Market changes
08:19 — Alleged abusive loans
1:19 p.m. — Consumer protection

Produced and edited by: Emily Lorsch
Animation: Alex Wood, Jason Reginato
Senior Executive Producer: Tala Hadavi

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Why Americans are falling behind on auto loans