FILE – Cars for sale line the road at a used auto dealership in Philadelphia, Thursday, Sept. 29, 2022. The Federal Reserve’s expected move Wednesday, July 26, 2023, to raise interest rates for the 11th time could once again send ripple effects across the economy. (AP Photo/Matt Rourke, FILE)

NEW YORK (AP) — The Federal Reserve’s expected move Wednesday to raise interest rates for the 11th time could once again send ripple effects across the economy. Perhaps no one has felt the pain more than car buyers. It’s not just that sticker prices are way up. Or that lenders have tightened credit standards. On top of all that, steadily higher auto loan rates have elbowed many would-be buyers out of the market. A study by the New York Federal Reserve has found that 14% of applicants for auto loans were rejected over the past year — the highest such proportion since the New York Fed began tracking the figure in 2013 — up from 9% in February.