A Boring Dystopia

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Americans are more underwater on their car loans than ever before (qz.com)

submitted 1 month ago by [email protected] to c/[email protected]

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[–] [email protected] 22 points 1 month ago (7 children)

An increasingly large number of Americans owe more on their auto loan than their car is worth

So thats what it actually means.

[–] [email protected] 14 points 1 month ago (6 children)

The same term is used with housing and perhaps anywhere a loan is involved with yes purchase of property.

[–] [email protected] 5 points 1 month ago (4 children)

But in the case of (new) cars isn't this applicable to literally everyone the moment they drive off the lot? Like it's gonna take a while untill the loan payments catch up to the depreciation of a new car.

[–] booly 2 points 1 month ago

Most people make a down payment so that their loan balance starts off being significantly lower than the value of the car.

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