A growing number of U.S. consumers owe more on their auto loans than their vehicles are worth, according to Edmunds.com. The average negative equity in auto loans increased during the third quarter of 2023 compared to the previous quarter and the same period a year earlier. Edmunds reports over one in five consumers with negative equity owe more than $10,000 on their loans, with 7.5% owing over $15,000. The rise in upside-down loans is adding to pressure on American consumers, who are also facing higher delinquency rates on auto loans.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02A growing number of U.S. consumers owe more on their auto loans than their vehicles are worth,
00:07according to Edmunds.com. The average amount of negative equity in auto loans increased during
00:12the third quarter of 2023 compared to the previous quarter and the same period a year earlier.
00:17Edmunds reports over one in five consumers with negative equity owe more than $10,000
00:22on their loans, with 7.5% owing over $15,000. The rise in upside-down loans is adding to
00:29pressure on American consumers, who are also facing higher delinquency rates on auto loans.
00:34For all things money, visit Benzinga.com.