(A) Of the 3.1m Americans who bought a new car in the last three months of 2015, 86% of them took out a loan to do so, according to Experian Automotive, a research firm. More car loans are issued in America than mortgages. The total amount (61.) on them is almost $1.1 trillion—well (62.) credit-card debt, and almost as much as the stock of student loans. But there is one part of the car market where credit is scarcer: only 55% of the 5.6m who bought secondhand cars in the fourth quarter of 2015 received a loan. (63.) sales of new cars get most of the attention, secondhand cars generate twice as many transactions, worth 50% more in total. Stereotypical small car-dealers, with their oily manner and television advertisements, are being displayed by big chains, such as CarMax, with transparent prices and standards. These outfits are able to offer credit, since they can provide accurate valuations, and thus be sure that the car in question is adequate (64.) for a loan. Indeed, CarMax makes 40% of its profits from lending. 6