Car loan debt continues to rise as more and more Americans are trading in old cars for new ones, according to a report released Monday from TransUnion.

TransUnion's quarterly report on automobile loans showed that the average debt per borrower increased by 4%, to $16,862, in the first quarter, compared to the same period last year. Over the last three years, auto loan debt has risen by almost 13%, or more than $1,900 per borrower.

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