Automakers reported a surge in U.S. sales in May, the best in seven years. And automaker Nissan set a sales record for the month.
General Motors Co., Chrysler Group, and the Toyota Motor Corp exceeded analysts’ expectations, as did Ford Motor Co. Despite a lengthy, snowy winter that hindered new car sales in January and February, the U.S. auto industry forecast the third straight month of strong auto sales.
GM had its best monthly auto sales since August 2008, despite having recalled almost 13.8 million vehicles in the U.S. Chrysler sales increased 17 percent in May, as Toyota increased 12.6 percent. The Ford Fusion and Escape had the best monthly sales ever. Even electric car sales gained momentum, although overall sales remain small.
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To pay for these vehicles, buyers are borrowing more than ever. The average amount financed for a new vehicle loan grew to $27,612, over 66 months. The average monthly payment is $474, according to an Experian Automotive report.
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