The number of car loans from January to August totaled 14.6 million, representing the highest number during that time frame since 2007, according to the recent Equifax National Consumer Credit Trends Report.
The report also indicated there were more than $770 billion in total outstanding auto loan balances through October 2012, up 11 percent from when auto loan balances hit a low in April 2011.
"Consistent growth in the auto industry is influenced by a combination of factors, including the decreasing amount of write-offs and severely derogative accounts paired with corresponding increases in the numbers of total originations and loan sizes," said Equifax Chief Economist Amy Crews-Cutts.
Crews-Cutts added that sustained recent consumer demand for auto leasing, financing and purchase were all driving factors and were more rapid than any other lending sector, which helped to return the data to pre-recession numbers.
North American auto assembly will reach 83.9 million vehicles and U.S. light vehicles sales are expected finish at 14.5 million units on a seasonally adjusted annualized rate, according to PwC Autofacts Global Light Vehicle Assembly forecast.
With increased auto purchases throughout the year, car owners are reminded to practice preventative maintenance to avoid unnecessary and costly repairs. Too often, brakes and engine repairs could have been avoided if they had been properly maintained.