A report from Auto Beat makes eyewatering reading: US consumers have gone on a car spending spree using finance to fuel the purchase.

Figures from the Federal Reserve Bank of New York says car finance has hit a record high of $1.01 trillion.

The low cost of fuel has made US car buyers turn their back on greener alternatives and head for sales of higher priced crossovers, SUVs and pick up trucks.

Auto Beat says that July’s US new-car sales surged to an annualised rate of 17.6 million units, the second-highest rate in 10 years and 1.1 million higher than July 2014.