We recently compiled a comprehensive report detailing the 25 States with Most Auto Debt Per Capita in the US. In this article, you can see the 5 States with the most auto debt per capita in the US.
A customer signing a loan agreement with the bank’s representative in a private office.
Methodology
We compiled a list of 25 states with the most auto debt per capita in the US. To collect data for our list, we consulted the Federal Reserve Bank of New York, which forms part of the central banking system of the United States. This database provided us with details on the auto debt balance per capita by state in the fourth quarter of 2023. We used the latest data available in their dataset to rank the 25 states with the highest auto debt per capita in the US. The state with the most auto debt per capita in the US is listed below.
At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
5 States with the Most Auto Debt Per Capita in the US
5. Georgia
Auto Debt Balance Per Capita: $6,510
Georgia is a state in the Southeastern region that ranks among the top 5 on our list of the states with the most auto debt per capita in the US. According to recently reported data, the US state of Georgia has an auto debt per capita of $6,510.
4. New Mexico
Auto Debt Balance Per Capita: $6,550
New Mexico, a state in the Southwest region of the US, ranks among the states with the highest auto debt per capita in the US. New Mexico is the fifth largest state by land area. However, it ranks among the least densely populated states. Data shows New Mexico’s auto debt per capita to be $6,550.
3. Florida
Auto Debt Balance Per Capita: $6,560
Florida, in the Southeastern region of the US, ranks among the top 3 states with the most auto debt per capita in the US. It is the third most populated state in America. According to reported data, Florida’s auto debt balance per capita is $6,560.
2. Louisiana
Auto Debt Balance Per Capita: $6,860
Louisiana is a state in the Southeastern region of the US. It ranks second on our list of the states with the most auto debt per capita in the US. Louisiana’s auto debt balance per capita stands at $6,860.
1. Texas
Auto Debt Balance Per Capita: $7,810
Texas, in the South Central region, tops our list of the 25 states with the most auto debt per capita in the US. Texas is the second-largest state in the US by both population and land area. It is home to a thriving automotive manufacturing sector. As the state with the highest auto debt per capita in the US, Texas has an auto debt per capita of $7,810. This is almost $1,000 more than the state with the second-highest auto debt per capita.
Want to learn more about the states with the highest auto debt per capita in the US? Check out our comprehensive report detailing the 25 States with Most Auto Debt Per Capita in the US.
At Insider Monkey, we delve into a variety of topics, however, our expertise lies in identifying the top-performing stocks. Currently, Artificial Intelligence (AI) technology stands out as one of the most promising fields. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: Analyst Sees a New $25 Billion “Opportunity” for NVIDIA and Jim Cramer is Recommending These 10 Stocks in June.
Disclosure: None. This article is originally published on Insider Monkey.
