• return2ozma@lemmy.worldOP
    link
    fedilink
    arrow-up
    5
    arrow-down
    2
    ·
    19 days ago

    More than 24% of all trade-ins toward new vehicle purchases had negative equity, and 22% of those with negative equity owed more than $10,000. Two other contributing factors to the rise in this type of loan: many consumers are taking out longer-term loans for cars to reduce monthly payments and people are increasingly trading in their cars before it’s financially smart to do so.