Car owners face highest negative equity at $6,054, soaring interest rates, and a three-decade high in missed payments, sparking repossessions.

by TonyLiberty

The average “negative equity” for car owners hits $6,054 — the highest since April 2020. The average interest rate is 7.4% on a new car loan and 11.6% on a used car. The number of car owners missing payments is at a three-decade high, leading to an increase in repossessions.