Survey Says

These 30 U.S. cities have the most auto-loan debt

Residents of cities across the U.S. are struggling with auto-loan debt.

Photo courtesy of Explore Georgia, Geoff Johnson

Around 17 million new cars were sold in the U.S. last year, most financed either directly though a dealership or via a private loan. According to the Federal Reserve Bank of New York's latest report on household indebtedness, auto-loan balances have grown steadily over the past eight years, increasing by an additional $18 billion in Q3 2019.

WalletHub compared the median auto-loan balance of more than 2,500 U.S. cities. They then divided the median car-loan debt by residents' income. The median income for each city is based on the 2018 earnings of individuals aged 16 and older who worked full-time year-round, according to the U.S. Census Bureau's American Community Survey. The figure excludes income from sources other than work. The sample considered only city proper in each case and excludes cities in the surrounding metro area.

The following cities earned a spot in the 99th percentile of all cities surveyed.

No. 30 (tie) - Raeford, North Carolina

Photo courtesy of Hoke County, NC - Official Website

Residents of the town of Raeford, in Hoke County, have $19,841 in median auto-loan debt. The town's median income is $32,145. That's a 62 percent debt-to-income ratio.

No. 30 (tie) - Mission, Texas

The city in Hidalgo County has $22,737 in median auto-loan debt. Mission's median income is $36,825. Its debt-to-income ratio is the same as Raeford, North Carolina's and two other towns on this list.

No. 30 (tie) - Live Oak, Florida

Live Oak, Florida residents have a debt-to-income ratio of 62 percent. Its residents have median auto-loan debt of $16,846 and a median income of $27,111.

No. 30 (tie) - San Benito, Texas

Residents of the town of San Benito, in Cameron County, have $18,655 in median auto-loan debt. The town's median income is $30,132. That's good for a 62 percent debt-to-income ratio.

No. 26 (tie) - Richmond, Texas

Just north of I-69 and south of Sugar Land, Texas is Richmond where the median auto-loan debt amount is $20,835 and the median income is $33,304. That's a 63 percent debt-to-income ratio.

No. 26 (tie) - Tolleson, Arizona

Interstate 10 in Maricopa County, west of Phoenix, runs straight through Tolleson, Arizona, where residents has a median incomes of $30,688 but struggle under $19,220 in median auto-loan debt, Like Tifton, Georgia, that's a 63 percent debt-to-income ratio.

No. 26 (tie) - Tifton, Georgia

The Friendly City in South Georgia has a median income of $28,539 and median auto-loan debt of $18,073 - a 63 percent debt-to-income ratio.

No. 26 (tie) - Pharr, Texas

Like fellow Hidalgo County citizens in Mission, Texas, Pharr residents have a high debt-to-income ratio - Pharr's is 63 percent. The median auto-loan debt in town is $19,865 and the median salary is $31,613.

No. 22 (tie) - Weslaco, Texas

Weslaco is another Hidalgo County town with a high auto-loan debt-to-income ratio, though their 64 percent ratio is higher than Pharr's. The median income for residents is $35,432 and median amount of debt is $22,561.

No. 22 (tie) - Uvalde, Texas

Halfway between San Antonio and the U.S.-Mexico border to the west sits Uvalde, Texas. Uvalde residents have a high debt-to-income ratio - 64 percent. The median auto-loan debt in town is $19,484 and the median salary is $30,545

No. 22 (tie) - Mount Pleasant, Texas

A 7.5 hour drive north east of Uvalde is Mount Pleasant, Texas where residents have a median income of $30,826 and a median auto-loan debt amount of $19,712, a 64 percent auto-loan debt-to-income ratio.

No. 22 (tie) - Moultrie, Georgia

Moultrie, out in southwest Georgia, is in a similar situation with a 64 percent debt-to-income ratio. Residents of Moultire have a median amount of $17,545 in auto-loan debt and a median income of $27,401.

No. 22 (tie) - Alamo, Texas

Santa Ana National Wildlife Refuge

Santa Ana National Wildlife Refuge is located just outside of Alamo, Texas.

Photo courtesy of Travel Texas

Residents of the town of Alamo, Texas, a 3.75 hour drive south of The Alamo, $18,655 in median auto-loan debt. The town's median income is $32,884. That's good for a 64 percent debt-to-income ratio.

No. 17 (tie) - Walterboro, South Carolina

Walterboro is smack dab in the middle of South Carolina's Low Country halfway between Savannah, Georgia and Charleston, South Carolina. Its residents have a median annual income of $26,108 and a median auto loan debt amount of $16,946. That's a debt-to-income ratio of 65 percent.

No. 17 (tie) - Coachella, California

All the way on the other side of the U.S., in Coachella, California, the town's residents have a median income of $28,100 and a median auto-loan debt amount of $$18,383. That's a 65 percent debt-to-income ratio.

No. 17 (tie) - Douglas, Georgia

Douglas, Georgia residents are in a similar boat owing a median amount of $21,198 and having a median income of $32,604.

No. 17 (tie) - Mercedes, Texas

Residents of the town of Mercedes, halfway between McAllen and Brownsville, Texas, have $18,696 in median auto-loan debt. The town's median income is $28,792. That's good for a 65 percent debt-to-income ratio.

No. 13 - San Juan, Texas

San Juan, Texas, which is next to Pharr, has residents with a debt-to-income ratio of 66 percent. Its residents have median auto-loan debt of $20,514 and a median income of $31,191.

No. 12 (tie) - Willis, Texas

The city one hour north of Houston has a median amount of $21,067 in auto-loan debt. Mission's median income is $31,250. Its debt-to-income ratio is 67 percent.

No. 12 (tie) - Cedartown, Georgia

Cedartown is out in West Georgia nearly to the Alabama state line. Its residents have a median amount of $18,319 in median auto-loan debt. Cedartown's median income is $27,189. Its debt-to-income ratio is 67 percent.

No. 12 (tie) - Rio Grande City, Texas

Rio Grand City sits (you guessed it) along the Rio Grande in South Texas where the median auto-loan debt amount is $22,756 and the median income is $33,805. That's a 67 percent debt-to-income ratio.

No. 12 (tie) - Big Spring, Texas

Residents of the town of Big Spring, whose closest big town neighbor is Midland, Texas, have a median amount of $23,486 in auto-loan debt. The town's median income is $35,164. That's good for a 67 percent debt-to-income ratio.

No. 8 (tie) - Brownsville, Texas

Brownsville Sabal Palms

Photo courtesy of the Brownsville CVB

Residents of Brownsville, right on the South Texas coast, have a median auto-loan debt amount of $19,685. The residents' median income is $29,003. That's a 68 percent debt-to-income ratio.

No. 8 (tie) - Alice, Texas

Alice, Texas is the seat of Jim Wells County and sits just west of Corpus Christi. Its residents have a median auto-loan debt amount of $24,116 and a median income of $29,003. That equates to a 68 percent debt-to-income ratio.

No. 8 (tie) - Lake Placid, Florida

Located just south of Sebring International Raceway, Lake Placid's residents also have a 68 percent auto-loan debt-to-income ratio. They earn a median amount of $23,125 each year and have $15,672 in auto-loan debt. It is worth noting that the figure is the lowest amount of auto-loan debt of any resident group on this list.

No. 5 (tie) - San Luis, Arizona

Sitting on the U.S.-Mexico border, San Luis residents have a median income of $28,337. They have a median amount of $20,578 in auto-loan debt. That's a 68 percent debt-to-income ratio.

No. 5 (tie) - Cordele, Georgia

Those that live in the self-described Watermelon Capital of the World has a median income of $25,522 but owe a median amount of $18,624 in auto-loan debt. That's a 73 percent debt-to-income ratio.

No. 3 - Donna, Texas

Residents of the city of Donna have a median auto-loan debt of $21,305 and median income of $26,870. The Hidalgo County city has a debt-to-income ratio of 79 percent.

No. 2 - Dahlonega, Georgia

Dahlonega, Georgia

Photo courtesy of Explore Georgia, Geoff Johnson

The city that was home to America's first gold rush it under water when it comes to auto loans. The median auto-loan debt of residents is $18,504 while the median income is just $22,338. That's and 83 percent debt-to-income ratio.

No. 1 - Bastrop, Louisiana

The city of Bastrop, Louisiana takes the (tarnished) crown in this survey, with median auto-loan debt of $18,485 and median income of $22,021. That's good for an 84 percent debt-to-income ratio.

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Electric vehicles

Three new EVs we can't wait to see

The F-150 Lightning is just one of several new EVs we'll see soon.

Ford

With all the crazy news coming out of the auto industry this year, it'd be easy to believe that the rollout of new models is slowing to a snail's pace. The pandemic and ongoing microchip shortage have slowed vehicle production, to be sure, but they haven't put the brakes on automakers' push to roll out exciting new electric vehicles. In the next few months alone, we'll see several new electric trucks, cars, and SUVs hit the market, some of which will break new ground and help define their segments. We're on board with this trend 100 percent, and to help you get excited, we've rounded up a few of our favorites.

Here are the three upcoming electric vehicles we're most excited to see.

Ford F-150 Lightning

One of the world's best-selling and most popular vehicles is going electric. The Ford F-150 Lightning is set to arrive in 2022 with a fully electric powertrain, forward-looking technology, and a familiar style that will make any truck lover feel at home. We don't have full details on the truck, but Ford has shared some awe-inspiring performance numbers. The Lightning will offer around 563 horsepower and 775 pound-feet of torque, which should push the truck to 60 mph from a standstill in just four seconds. Payload capacity comes in at up to 2,000 pounds, and towing will reach 10,000 pounds for specific configurations.


Ford F-150 Lightning The Lightning will offer impressive capability in a familiar package.Ford


The Lightning's starting price will come in under $40,000, but don't get your hopes up about actually buying one for that amount. Ford says the entry-level Lightning is a commercial truck that will be a stripped-down work-ready vehicle, which likely means features like vinyl seats and far fewer of the desirable tech goodies that you'll want. To get the truck you and your family will want to drive, you'll need to spring for the XLT model, which starts just shy of $53,000. That's quite a bit more, but it is still a somewhat reasonable price to pay for what will surely be a capable electric pickup.

Mercedes-Benz EQS

The S-Class is a unique model in Mercedes-Benz's lineup. The car typically showcases the automaker's latest technologies and design techniques and offers a glimpse of the features that eventually trickle down to the rest of Mercedes' vehicles. Soon, we'll see the EQS, a fully electric flagship sedan that paves the way for the brand's other electrified offerings. The car will have a range of well over 400 miles on a charge, up to 516 horsepower, rear-axle steering, and breathtaking technology.


Mercedes-Benz EQS The EQS will usher in a new electric era at Mercedes.Mercedes-Benz


The EQS is expected to land sometime late in 2021 and will carry a price tag that matches its premium brand name and top-notch feature set. Pricing for the "entry-level" EQS 450+ will come in at around $100,000, while the top EQS 580 4MATIC will land well north of that number. Remember, though, that Mercedes offers a long list of ultra-desirable options for its cars, so you'll likely shell out more than the base price to get the features you want.

Hyundai Ioniq 5

The Hyundai Ioniq name is nothing new, but the way it will be seen in the automaker's lineup will change significantly going forward. Rather than being a model name within the Hyundai catalog, Ioniq will split off and become its own sub-brand, covering a line of electric vehicles of all types. The Ioniq 5 is the first such vehicle and will be offered in single- or dual-motor configurations that generate 225 or 320 horsepower. The car's futuristic design is attractive and features a pixelated look for the front-end, lighting features, and rear. Inside, the vehicle is clean but comforting and offers the features buyers expect in a family crossover.


Hyundai Ioniq 5 The Ioniq 5 is the first in what will be an entire line of new EVs from Hyundai.Hyundai


The Ioniq 5 should go on sale in late 2021 and is expected to cost between $40,000 and $50,000.

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The F-Type P450 cars replace the P300 and P380 as part of the Jaguar lineup.

Photo courtesy of Jaguar

Two new versions of the Jaguar F-Type are on the horizon. New versions of the model have been created to further the car's luxury proposition and both are powered by a roaring V8 engine. The new P450 variants replace the P300 and P380 models currently in the lineup. Jaguar is keeping the F-Type R around.

2022 Jaguar F-Type P450

The 2022 Jaguar F-Type P450 will be available as a coupe or convertible in P450 RWD or P450 R-DYNAMIC AWD grades. All varieties come with a 444-horsepower supercharged V8 under the hood that achieves 428 pound-feet of torque. An electronic active differential is standard. In all configurations, the car gets from zero to 60 mph in 4.4 seconds and has a top speed of 177 mph.

2022 Jaguar F-Type P450 The car has received minor exterior updates from the 2021 model.Photo courtesy of Jaguar

In a nod to its suburban buyers, the F-Type has a Quiet Star mode that allows a more subtle roar out the back side of the car upon startup. Drivers who don't care about keeping quiet can switch the car in to Dynamic mode and let the rumble out.

Each F-Type P450 rides on 20-inch wheels, has larger brakes than traditional F-Type models, and has the switchable exhaust. Double J-Blade daytime running lights feature up front while new slender rear lights allow the body of the car to speak for itself.

Buyers who get the F-Type P450 R-Dynamic AWD get bespoke badging; a gloss black front splitter, side sills, valance, and venturi; auto-dimming, power- folding, heated door mirrors with memory; and 20-inch Style 6003, split-spoke, gloss Dark Grey with Contrast Diamond Turned Finish Wheels.

2022 Jaguar F-Type P450 The interior sports a refined appearance.Photo courtesy of Jaguar

Monogram stitch patterns on the car's seats and interior accents in Windsor Leather and satin-finish Noble Chrome enhance the interior. Additionally, there are "Jaguar Est.1935" markings on the center console finisher, glovebox release button surround, and seatbelt guides. Six-way electric power seats are standard on F-Type P450 RWD, while F-Type P450 R-Dynamic AWD adds 12-way electric memory front seats, electrically adjustable steering column with memory, Delta Aluminum Center Console, and R-Dynamic branded metal treadplates as standard equipment.

A 12.3-inch driver information display is standard.

F-Type P450 is available in 11 standard exterior colors, and can be ordered in over a dozen custom SVO paint finishes. It starts at $69,900 for the P450 RWD Coupe and $79,900 for the R450 R-Dynamic AWD Coupe.

2022 Jaguar F-Type R

The F-Type R is the pinnacle of the Jaguar lineup with torque on-demand all-wheel drive, Jaguar Intelligent Driveline Dynamics control technology, a double wishbone front and rear suspension, and electric power-assisted steering.

It can get from zero to 60 mph in 3.5 seconds and has an electronically limited top speed of 186 mph thanks to its 575-horsepower supercharged V8 engine. All-wheel drive is standard.

This model starts at $103,200.

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