With Americans carrying nearly $1.7 trillion in auto loan debt averaging nearly $13,800 per household, the personal finance website WalletHub has released its latest report on the States Where Auto Loan Debt Is Decreasing the Most. Using proprietary consumer debt data, WalletHub ranked the states experiencing the largest decreases in auto loan debt from Q3 2024 to Q4 2024.
| Biggest Decrease | Smallest Decrease |
| 1. Wyoming | 41. Wisconsin |
| 2. Alaska | 42. Kansas |
| 3. Montana | 43. Ohio |
| 4. California | 44. West Virginia |
| 5. Florida | 45. Oregon |
| 6. Texas | 46. Nebraska |
| 7. Arizona | 47. Michigan |
| 8. Nevada | 48. Mississippi |
| 9. Louisiana | 49. Missouri |
| 10. New Jersey | 50. Vermont |
For the full report, please visit:
https://wallethub.com/edu/
“From Q3 2024 to Q4 2024, residents of most states either had a less than 1% decrease in their average auto loan balance, or actually had that average increase. A few states had more dramatic decreases, reaching over 3.5%, indicating that residents in some states may be scaling back due to the impact of rising car prices or realizing that their loan burdens are unsustainable.”
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“Wyoming residents have seen the highest decrease in their average auto loan balance, which now stands at $21,090, and reached that number after decreasing their average by nearly 3.6% between Q3 2024 and Q4 2024. Despite the decrease in balances, Wyoming residents still pay the fifth-highest monthly auto loan amount, averaging $551, potentially accelerating debt reduction.”
- John Kiernan, WalletHub Editor
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