Vehicle owners who are upside down on their auto loans owe more than ever before. The average amount owed on upside-down loans climbed to a record high of $6,255 in Q2 2024, compared to $4,487 in Q2 2022.
EV owners with negative equity owe more money on their car loans than owners of ICE vehicles. The average amount owed on all EVs traded in for a new vehicle purchase with negative equity climbed to $10,326 in Q2 2024
Yeah. Creditors were loaning stupid amounts to people. It was free fed money to them and got cars off their lots for large margins.
New subprime bagholders…