Edmunds reports nearly 27% of Americans who secured an auto loan in the second quarter were underwater on their current vehicle, with a historically high average balance of $6,754.

The report continues an upward trend: In the prior-year quarter, 23.9% of car buyers had negative equity on their trade-ins with an average balance of $6,255.

Edmunds analysts say bringing negative equity to a new vehicle purchase increases the average down payment from $756 to $915, a 21% jump.

“Consumers being underwater on their car loans isn’t a new trend, but the stakes are higher than ever in today’s financial landscape,” Director of Insights Ivan Drury writes in a release. “Affordability pressures, from elevated vehicle prices to higher interest rates, are compounding the negative effects of decisions like trading in too early or rolling debt into a new loan, even if those choices may have felt manageable in years past. … With a growing share of upside-down owners thousands of dollars in the red, many are at risk of getting stuck in a cycle of debt that only grows harder to break over time.”

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