A quarter of trade-ins are now underwater, and it’s getting worse
Nearly 25% of borrowers with negative equity owe more than $10,000 on their loans go through Chris Chilton 10 hours ago The average ownership level for an Upside Down car loan is at an all-time high. One in four trade-ins is underwater, compared with one in five in the third quarter of 2023. Edmunds reports that one in four businesses with negative equity owes more than $10,000. Getting a brand new (or new to you) car is a great feeling. It's not a good thing to find out that you owe more on your old car loan than the vehicle is worth when you trade it in at your local dealership. This is all too common, and the losses people are sustaining are at an all-time high. An Edmunds study showed that a quarter (24.9%) of trade-ins were underwater in the fourth quarter, an increase from 24.2% in the third quarter and 20.4% in the fourth quarter of 2023. While…
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