Car shoppers should avoid this risky loan during Black Friday sales
The average negative-equity buyer takes out a loan that stretches 75.7 months , according to Edmunds. And to accommodate their rolled-over balance, they get a $39,186 loan for a car that costs an average of $33,365.
And, the average mount financed — $30,241 — is less than the price of the car , thanks to the trade-in value reducing the loan amount needed to buy the car. Total interest paid would be about $4,750. The problem is more pronounced among so-called subprime borrowers. For those consumers, with credit scores below 620, the delinquency rate was 16.3% at the end of 2018, according to separate research from the Federal Reserve Bank of Kansas City.
"It's not about just buying a car; it's that it's so easy to buy right now that people are only keeping cars for a few years and then trading them in," said Ethridge, who once worked in auto sales.
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