Total outstanding balances and new credit in auto lending reached record highs this year as the sector continues to lead the economic recovery, according to the latest Equifax National Consumer Credit Trends Report.

Outstanding balances soared to $884 billion in April, up 10.8% from the same time a year ago. New credit reached $69.6 billion year-to-date in February, up more than 13% from a year ago. Serious delinquencies in auto lending represent less than 1% of total outstanding balances, the lowest mark in more than five years.

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