ATLANTA -

Equifax indicated in its most recent National Consumer Credit Trends Report just how much subprime loan paper is being pushed through vehicle financing market nowadays.

The latest data Equifax had available from the third quarter shows that approximately 30 percent of all auto loans originated today fall into subprime, which the bureau defines as consumers having Equifax Risk Scores below 640.

From an origination standpoint, Equifax also mentioned the most recent data indicates that the auto-lending sector enjoyed its highest September monthly origination totals in eight years with 1.9 million auto loans originated.

Additional origination metrics from same timeframe included:

—Growth was reported in both financial institution-originated auto loans (more than 950,000) and captive and other finance company-originated loans (more than 975,000). Both sectors realized the highest loan totals for the month of September of the last eight years.

—Total auto loan amount originated also hit an eight year high at nearly $39 billion.

—While total auto loan volumes and amounts exceeded 2006 totals, the average loan amount was slightly less – $20,179 in 2013 versus $20,420 in 2006. This fact, coupled with the lower interest rates being charged today has resulted in an approximately 8 percent reduction in average monthly loan payments for new borrowers.

“The auto finance sector has continued to perform at a high level throughout the year as consumers continue to take advantage of favorable interest rates and look to replace their aging cars,” Equifax chief economist Amy Crews Cutts said.

“The median age of an automobile hit a record high 11.4 months earlier in 2013 according to Polk, and many consumers have reached a point where their cars are beginning to require costly repairs,” Crews Cutts continued.

“As confidence in the economy grows, consumers are increasingly making the decision to replace rather than repair their vehicles. This growing trend is reflected in the strong sales of new cars, which hit over 15.5 million units in 2013, a six-year high, and the resulting high auto-loan origination totals we’re seeing so far,” she went on to say.