About a third of Americans with an auto loan owe more than their vehicle is worth, according to a new economic analysis.
On Oct. 29, The Kobeissi Letter, an economic and trading analysis service, posted on social media that its analysis indicates that about 33 percent of Americans who financed their cars are now behind on their loans. That translates to about 31 million Americans, according to the note’s interpretation of data maintained by the Consumer Financial Protection Bureau.
Adam Kobeissi, the organization’s editor-in-chief, told The Epoch Times the analysis based that figure upon data published by Edmunds.
Edmunds said in an Oct. 15 release that in the third quarter of 2024, the average amount owed on an upside-down loan hit an all-time high. In that quarter, the average underwater loan amount was $6,458. The previous record of $6,255 was set in the second quarter of 2024….