BY SARAH A. WEBSTER
Average monthly auto payments for American consumers were above $500 for the fourth straight month, according to a Morgan Stanley analysis of June consumer credit data from the Federal Reserve Board.
In only one month in the previous four years was the average payment above the $500 mark.
The increasing payments are "a cause for concern" and suggest automakers face a tough auto market going forward, Morgan Stanley analyst Jonathan Steinmetz wrote in a report to investors Monday.Steinmetz said the results show a decrease in affordability, which might direct consumers to less-expensive models.
"We do not believe it is a coincidence that higher monthly payments are occurring simultaneously with weaker vehicle sales," he wrote.
According to data released by the Federal Reserve, monthly payments in June rose to $514, up 5.2% compared with the same month a year ago and the highest amount since January 2002.
"The biggest driver of the higher payment is a decrease in loan maturity," he wrote.That means consumers are opting for shorter loans. The average maturity of loans fell from 62 months a year ago to 58 months this June, the Federal Reserve data show.
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