FinanceandEconomicsDiscussionSeriesFederalReserveBoard,Washington,D.C.ISSN1936-2854(Print)ISSN2767-3898(Online)OneMonthLonger,OneMonthLater?PrepaymentsintheAutoLoanMarketBradleyKatcher,GengLi,AlvaroMezza,andSteveRamos2024-056Pleasecitethispaperas:Katcher,Bradley,GengLi,AlvaroMezza,andSteveRamos(2024).“OneMonthLonger,OneMonthLater?PrepaymentsintheAutoLoanMarket,”FinanceandEconomicsDis-cussionSeries2024-056.Washington:BoardofGovernorsoftheFederalReserveSystem,https://doi.org/10.17016/FEDS.2024.056.NOTE:StaffworkingpapersintheFinanceandEconomicsDiscussionSeries(FEDS)arepreliminarymaterialscirculatedtostimulatediscussionandcriticalcomment.TheanalysisandconclusionssetfortharethoseoftheauthorsanddonotindicateconcurrencebyothermembersoftheresearchstaffortheBoardofGovernors.ReferencesinpublicationstotheFinanceandEconomicsDiscussionSeries(otherthanacknowledgement)shouldbeclearedwiththeauthor(s)toprotectthetentativecharacterofthesepapers.OneMonthLonger,OneMonthLater?PrepaymentsintheAutoLoanMarket∗BradleyKatcher†GengLi‡AlvaroMezza§SteveRamos¶July14,2024AbstractWedocumentaseculartrendofincreasingautoloanmaturityfrom30monthstoover70monthsduringthepast50years,partlyreflectingimprovedvehicledurability.Analyzingmorethanhalfoftheautoloansoriginatedduringthepast16years,wefindthatlonger-maturitynewcarloanshavesignificant...
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