Americans increasingly underwater on car loans
So you're upside down on your car loan. You're not alone.
Nearly a quarter of Americans who traded in a car for a new one was upside down on their loan, Edmunds says. The amount some owe is "alarming."
Americans increasingly underwater on car loans: Edmunds
More than 1 in 5 consumers who were underwater owed more than $10,000 — a data point analysts called "alarming."
Backgrounder
Many Americans are car poor from their auto loans. Here’s why.
Nearly 1 in 4 consumers owe more on such loans than the vehicle is worth, pushing the national average for upside-down balances to a record high north of $6,400.
Average Amount Owed on Upside-Down Car Loans Hits All-Time High
Analysts with Edmunds found more than 1 in 5 vehicle trade-ins with negative equity are underwater by $10,000 or more.
American consumers are increasingly underwater on their car loans
A growing number of Americans with auto loans owe more than their vehicles are worth, according to a report Tuesday from Edmunds.com.
Americans are more underwater on their car loans than ever before
Americans increasingly owe more on their auto loans than their cars are worth, according to new data from Edmunds.
Americans Owe More Than Their Car Is Worth As 'Upside-Down' Loans Are On The Rise
A growing number of U.S. consumers owe more on their auto loans than their vehicles are worth, according to Edmunds.com. The average negative equity in auto loans increased during the third quarter of 2023 compared to the previous quarter and the same period a year earlier.
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