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Podcast: In Wheel Time Podcast: Your Go-To Automotive Talk Show
Episode: Your Car Loan Is Underwater and Interest Rates Are Soaring. What Now?
Description: The used car market is experiencing a financial crisis that's hitting consumers right in the wallet. With negative equity on trade-ins reaching a staggering record high of $6,838, many car owners are finding themselves trapped in vehicles they can no longer afford to keep—or trade in.Brad Parker, CEO of PrivateAuto, joins us to break down this troubling trend and explain why so many Americans are underwater on their car loans. The perfect storm began during the COVID era when inventory shortages drove prices to unprecedented levels. Consumers who purchased vehicles then are now facing a harsh re...