More than 7 million Americans are at least 90 days behind on their auto loans, according to the New York Fed.
That's higher than the peak in 2010 as the country was still reeling from the devastating financial crisis.
The "number of distressed borrowers suggests that not all Americans have benefited from the strong labor market and warrants continued monitoring and analysis of this sector," Fed economists say.
Published 4:15 PM ET Tue, 12 Feb 2019 Updated 6:05 PM ET Wed, 13 Feb 2019CNBC.com
Jonathan Alcorn | Bloomberg | Getty Images
As auto loan debt has soared, so has the number of people who can't pay, with the level of serious delinquencies breaking past the heights reached just after the financial crisis.
More than 7 million Americans are 90 days or more behind on their vehicle loans as of the end of 2018, according to data released Tuesday by the New York Federal Reserve. That's more than 1 million higher than the peak in 2010 as the country was recovering from its worst downturn since the Great Depression.