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Unscrambling the US Auto Debt Explosion

Having a car should make life easier, but for many Americans, it's an endless debt trap.

Across the United States the median vehicle price has increased by over four thousand dollars over the past four years. With vehicle prices rising consumers have extended their auto loan duration from around five years to seven years.

About one in three vehicle buyers who trade in a used vehicle when they purchase a new vehicle carry over negative equity which they roll into the new loan. This means their current vehicle starts off even more underwater than the typical new car, making the dynamics that much worse the next time they buy another vehicle.

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via carpaymentcalculator.net

Unscrambling the U.S. Auto Debt Explosion

Jessica Smith

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