Surge in car loans pushes auto debt above $1 trillion for first time

New loans for cars and light trucks hit a 10-year high in the second quarter of the year, pushing total auto debt above $1 trillion for the first time, according to government data released Thursday.

Americans took out $119 billion in auto loans from April through June, up from $95 billion in the first quarter of the year, the Federal Reserve Bank of New York said in its report on household debt and credit.