New car financing has reached an all-time high, with the average amount financed for new vehicle purchases hitting a record level. The average new car price has also reached a record high, exceeding $50,000, and as a result, many car owners are struggling to keep up with their monthly payments, which now average $680. The surge in auto debt, now totaling $1.68 trillion, has led to a shift in dealer strategy and lenders loosening their standards, with a growing share of subprime borrowers.