According to CNBC, a record 25.5% of financed new-vehicle purchases in the third quarter had loan terms of 84 months or longer, up from 21.8% a year earlier, according to Edmunds. The average monthly payment reached a record $787, up from $756 a year earlier, while the average amount financed rose to a record $44,664 from $42,744. Edmunds also said the average transaction price of a new car was $50,089 in August, up 1.9% from a year earlier.

Joseph Yoon, a consumer insights analyst at Edmunds, said monthly payments are climbing because buyers are borrowing significantly more overall. He said consumers who need 84-month loans to make the payment fit should consider a used vehicle, a cheaper trim, or a larger down payment. The average annual percentage rate on new-car loans was 7% in the third quarter, unchanged from the previous quarter and a year earlier.

Edmunds said 21.2% of financed new-car purchases had monthly payments of $1,000 or more in the third quarter, up from 19.1% a year earlier. Among those buyers, 69% financed their cars for 72 months or longer. The average interest paid over the life of a loan reached a record $9,938 in the third quarter, up from $9,442 a year earlier.

Jeremy Robb, chief economist for Cox Automotive, said the gap between spending and income has widened for months, supported largely by growth in financial assets rather than paychecks. Patrick Manzi, chief economist for the National Automobile Dealers Association, said borrowing costs are expected to rise in the fourth quarter because most auto loans are tied to the five-year or 10-year Treasury note. Edmunds also said nearly 30% of vehicles traded toward a new-car purchase had negative equity in the second quarter.