America’s Car Payment Problem Just Hit $1.68 Trillion: 86 Million Americans Are Carrying a Record Debt Load with 7-Year Car Loans Gaining Traction Caleb Naysmith Barchart Fri Jun 5, 9:54AM CDT For many Americans, a car payment is not optional. It is the price of getting to work, picking up children, buying groceries, and living in places where mass transit does not reach. That necessity is colliding with a record debt load.