Edmunds reports the average amount owed on upside-down car loans reached a new record of $6,905 in the third quarter as more new car buyers traded in vehicles burdened by negative equity. +
Edmunds’s Q3 auto finance report shows the average down payment for a new vehicle fell to $6,020 while $1,000-plus monthly payments, loan terms and interest rates remain high. +
Edmunds reports more than one in four 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. +
