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I take your point that a lot of debt may be for car loans, but at the end of the day it is a debt. The reason why the person took on the loan is presumably because they do not have the cash to pay for the car. They are in effect living beyond their means. If interest rates go up, they are probably locked in, as the exit charges on the loans are pretty high. Also the cars could be worth less than what they owe due to depreciation.
I remember the property crash that started in 1989. All was rosy and then things turned. People had overstretched themselves with debt, interest rates started to rise, people lost their jobs, lenders repossessed homes, the whole thing was a spiral downwards.
However we have had low inflation for several years and this hopefully will help ensure that interest rates won't increase dramatically.
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