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 return2ozma@lemmy.world to c/aboringdystopia@lemmy.world

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[–] LodeMike 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.

[–] stoly@lemmy.world 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.

[–] LodeMike 7 points 1 month ago

Part of me thinks this [the article] is entirely false due to the fact that as soon as someone buys a new car and finances it, they owe more on the loan than the car is worth due to the drive-off value drop (blanking on the actual name)

But I didn't actually read the article, and intuitively I know that the face value conclusion is very likely correct.

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