The Expert Podcast

• More consumers are finding themselves upside down or out of equity on their cars, with reports showing some owe more than their car is worth.
• One example highlights a person who is $29,000 upside down, meaning they owe $29,000 more than the car’s current value.

• Some are turning to expensive cars like Mercedes-Benz, hoping to roll the negative equity into a new loan.
• While buying a more expensive car may seem counterintuitive, it’s often easier to hide negative equity on higher-value vehicles.
• For example, adding $30,000 in negative equity to a $70,000 car may be more feasible than adding it to a $25,000 car.

• Rolling negative equity into a more expensive vehicle only prolongs the problem, leading to higher monthly payments (e.g., $2,500).
• The depreciation on high-priced cars is more significant, which makes the negative equity issue worse over time.

• A car short sale can be a viable solution for those with negative equity, as it allows for a potential way out of a bad car loan.

• A rising number of consumers owe more on their car than it's worth—20% of consumers have more than $10,000 in negative equity.
• If you're facing significant negative equity, it's important to explore options before it becomes an insurmountable financial burden.

• Rolling over negative equity into another car loan may seem like an easy fix, but it can create a long-term financial headache.
• If you owe more than $10,000 on your car, it's crucial to address the issue and consider alternative solutions like a car short sale.

• For more information or personalized advice, consult with an expert via actualhuman.com.
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