High-tech cars drive auto loans to record highs in the U.S.

Loans for new and used cars hit a new record in the third quarter, as consumers continue to opt for cars with newer technology and higher price tags, Bloomberg reports.

Why it matters: Auto debt in the U.S. continues to grow and topped $1.32 trillion in the third quarter — up $50 billion from last year, Bloomberg notes. The number of 90-day car loan delinquencies also increased from 4.27% last year to 4.71%.