Reported 15 days ago
A growing number of Americans are facing underwater car loans, where their vehicle is worth less than the amount owed. Recent data shows that over 28% of trade-ins for new cars have negative equity, the highest since 2021, with an average debt of $6,905. Rising car prices, now exceeding $50,000 on average, along with increasing loan delinquencies, indicate significant distress within the automotive industry, exacerbated by high interest rates and economic pressures.
Source: YAHOO