Another factor reducing car finance revenues is that consumers are taking out larger loans to pay for more expensive new or used vehicles. By the end of last year, the average new car loan size in the US had risen 12% to nearly $40,000, according to Experian, while the average used car loan had risen to more than $27,000. Meanwhile, government incentives and leave programs have helped customers pay off their car loans, and pandemic restrictions left them building up savings because there was little else to spend.

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