Car loans just passed their Great Recession peak: 5.5% of auto balances are 90 days or more late, and nearly 3 in 10 trade-ins are underwater by an average of $6,884. Buyers who roll that gap into a new loan pay $944 a month and about $16,270 in interest — roughly $6,500 more than a typical buyer. This explainer breaks down the New York Fed and Edmunds numbers, why long loans and peak prices created the trap, and the five moves that can save you about $100 a month on a refinance and thousands over the life of a loan. Follow US Money Guide for daily money tips!
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Educational content, not financial advice.
