This unemployed Texas man pays $1,200/month for his $56,000 car, has $94,000 in total debt

Core Insights - American households collectively carry $1.66 trillion in auto loan balances as of Q3 2025, indicating a significant level of auto debt in the country [1] - The average new car price has surpassed $50,000 for the first time, reaching $50,080 in September 2025, which contributes to the financial strain on families [3] - The average auto loan interest rate for new cars is 6.90% as of October 2025, further exacerbating the cost of vehicle ownership [3] Auto Loan Crisis - The combination of rising car prices and increasing interest rates has created a challenging financial environment for American families, leading to unsustainable debt levels [3][2] - Families are also facing higher service costs associated with vehicle ownership, with the average annual car insurance cost reaching $2,320 as of October 2025 [4] - There are potential solutions for families burdened by high insurance costs, such as comparing auto insurance quotes to find lower rates [4][5]