Auto finance is getting closer to becoming a $1 trillion business.

According to the latest Equifax National Consumer Credit Trends Report released Tuesday at the Vehicle Finance Conference and Exposition hosted by the American Financial Services Association, the total balance of auto loans in December stood at $975 billion.

The figure represents 33.2 percent of total outstanding non-mortgage consumer debt. Equifax highlighted the December figure is an all-time high and an increase of 9.3 percent from same time a year ago.

In addition, Equifax data showed the total number of auto loans outstanding is nearly 71 million, a 6.5 percent increase from December 2013.

 “The automobile industry had a strong year in 2014, selling more than 16.4 million new cars,” said Dennis Carlson, deputy chief economist at Equifax.

“Auto lending is at a record high of more than $975 billon, accounting for nearly one third of all non-mortgage consumer debt.  Further, while write-offs have increased slightly from last year, delinquency rates remain near record lows,” Carlson continued.

“Consumers are excited about both the quality and craftsmanship of the vehicles available today as well as the great financing available,” he went on to say. “The improving economic situation has finally afforded consumers the opportunity to rekindle their love affair with the automobile.”

Other highlights from the most recent Equifax data include:

— The total number of new loans originated year-to-date in October came in at 21.2 million, an eight-year high, Meanwhile the total balance of new auto loans is $434.1 billion, an increase of 7.1 percent from same time a year ago.

— The total number of new loans originated year-to-date in October for nonprime borrowers, or consumers with risk scores of 640 or lower, is 6.5 million, representing just under 31 percent of all auto loans originated today.

— Similarly, the total balance of newly originated nonprime auto loans in that same time is $119.0 billion, an eight-year high and representing 27.4 percent of the total balance of new auto loans.

— In December, serious delinquencies on auto loans represent 1.10 percent of total outstanding balances, a slight increase over the previous month, but a decrease of 6 percent from December of 2013.

— Additionally, annualized write-offs represent 2.64 percent of total outstanding balances, a 5.3-percent increase over December of 2013.

 “2015 is going to be an even more revved up year for the industry and for automotive services at Equifax, as we enter the new year with a market full of eager-to-buy consumers and lenders who are armed with a more complete view of consumers’ financials than ever before,” Equifax officials said.

“We’re excited to have our team of auto experts at the National Automotive Dealers Association Convention this week to discuss our latest solutions for the industry, and look forward to taking the successes we saw in 2014 to new heights this year,” they added.