WASHINGTON -- Consumer borrowing plunged in October by a record amount in dollar terms, reflecting a big drop in demand for auto loans.

The Federal Reserve reported Wednesday that Americans' borrowing fell by $7.2 billion at an annual rate in October, the biggest amount on record, with much of that decline reflecting a record drop of $5.6 billion, at an annual rate, in the category that includes auto loans.

The declines were a drop of 4 percent in overall borrowing, the biggest setback in nearly 15 years.