Banks SCREWED The Car Market (INSANE DATA) | Episode 943

Two hours ago, Kyle arrived at the bar.

Hey, what's everyone drinking?

30 minutes ago, Kyle got his friends another round of drinks.

Cheers!

Five minutes ago, Kyle decided to drive home drunk.

A minute ago, a law enforcement officer pulled up behind Kyle.

Sir, have you been drinking tonight?

A chain of events that began two hours ago

is about to change Kyle's whole world.

Drive sober or get pulled over, paid for by NHTSA.

If you're the purchasing manager at a manufacturing plant,

you know having a trusted partner makes all the difference.

That's why hands down, you count on Grainger for auto-reordering.

With on-time restocks, your team will have the cut-resistant gloves

they need at the start of their shift.

And you can end your day knowing they've got safety well in hand.

Call 1-800-GRAINGER, click Grainger.com or just stop by.

Grainger for the ones who get it done.

Happy holidays!

Want to give your host a gift?

Consider subscribing, rating and reviewing the show this holiday season.

It really helps the show grow.

From all of us at Believe, have a merry Christmas everyone

and a happy holiday.

It's noon here in Venture City, New Jersey

and this is Car Edge live for Wednesday,

October 15th with your host.

Both of us here in Venture City, New Jersey,

me, Ray, sitting in a chair and well, Zack,

I don't know, making love to my lovesick.

Wasting he wore pants today, that's for sure.

But you know what, we're trying something different.

Cameras up there, computers down here.

We'll see how things go today, pops, how's that sound?

You know, we will figure it out.

And let's just prove to people this is not AI.

No, this is, I mean, literally.

You're getting to see the better part of my living room today

with the people actually utilizing it.

All right, folks, we're going to talk about how banks

have screwed the car market

and holy cow, do we have some insane data.

Before we do, a friendly reminder

that today's show is brought to you by us, damn it.

CarEdge.com, we've got an incredible team

of about 50 people behind the scenes and that.

Just to demonstrate, we are making some updates

over in CarEdge land, give me one second here.

We got to update our top navigation,

but it's all rolling out today at the same time.

So that's okay.

Our new concierge page, dad.

I wanted to give credit to the incredible people

on our team, you can now meet all of our concierges

before you sign up, learn a little bit more

about this incredible team that we have behind the scenes.

So folks, lots of stuff coming out soon,

as well as getting free consultation calls

before you sign up for the service.

Lots of exciting things coming for the CarEdge community.

Stay tuned, things are rolling out today.

Now, the big data story that I wanted to talk about.

Please don't share with me.

Underwater and sinking deeper,

Edmunds just released the latest data

on the negative equity crisis in the United States of America

and a few key points to hit on here.

Yeah.

Average amount of negative equity.

I'll just take a second.

Explain to us what negative equity is.

Let's just start.

Okay, negative equity.

Let's just say you have a vehicle that you own

that's worth $10,000.

Unfortunately for you, you still owe $16,905.

That difference between what it's worth

and what's owed, that's negative equity.

That's not something you ever wanna be in possession of.

Okay, so negative equity happens fairly often.

When you sold cars in your career,

it would be frequent that someone would come in

and they would owe more than what their vehicles currently worth.

That actually went away for the most part during the pandemic

because there was a used car shortage,

or there was a new car shortage, excuse me,

which saw used car prices go up significantly.

That being said, we are no longer in that dynamic

and Edmunds does a great job every single quarter

providing us with the latest trends in negative equity.

We are now up to that.

Yes.

$6,905 is the average amount someone is upside down

when they are in a negative equity position.

So we'll get into the data here in a second.

How many people are actually upside down on their auto loans?

But when someone is upside down on their auto loan,

it's not average.

Yeah, it's not that they're on average upside down

by a grand, two grand, three grand.

They're upside down by almost $7,000, meaning.

Yes.

If they do not bring $7,000 to the dealership,

let me help you.

They're not bringing $7,000 to the dealership.

For sure, for sure.

But if you do not show up with an additional seven grand

and you go to sell your car to a car dealer,

you're going to have to write that check for $7,000

or roll that negative equity in to a new auto loan.

This is a huge milestone in the loan crisis

what banks have enabled

and really it ties back to loan devaluations as well.

So what did you think when you saw this $6,905 amount?

I thought that's an astronomical amount to be upside down.

If you assume for a moment that at least you could

assume for a moment when it was 72 months financing

was the norm, which was longer than it should have been,

but that was the norm when I was still on the business,

that for every $1,000 financed,

it would add $20 to your monthly payment.

So if that's still relatively close to what it is today,

if people are walking in on average with $7,000

of negative equity,

that they are then going to roll into their next car loan

if they can, if the bank will assist them with that.

Which if you don't mind,

tie back to the Wells Fargo story we talked about last week.

Wells Fargo now, if your credit score is above

what was it, $5.50, $5.40,

they'll approve you for up to 150% loan to value ratio,

which means you could get approved for an auto loan

that you previously shouldn't have been

while rolling in your negative equity.

But I think you're in the point.

But the point here is that that $7,000 of negative equity

is adding $140 a month to your car payment.

The average car payment today is about $760 for a new car.

So add $140 to that and that takes you up to $900.

And it's only, you're paying $140 a month more

than the person that walked in without negative equity.

Simply because A, you want to get out of your car

sooner than you should.

B, you haven't paid it off enough.

C, you're just too damn impatient to keep it

as long as you perhaps you should.

D, the banks are enabling it.

They're giving you an approval to roll in

that negative equity to get you into that new vehicle.

Now, a few more data points here, Dad.

I'll read these through to you

since you're back in your lounge chair.

We are up to 28.1% of new car purchases

having negative equity.

That's up from 26.6%.

The prior quarter and 24.2% the quarter before that.

So we are seeing a sharp uptick

in the amount of vehicle transactions

that have negative equity.

We're back up to almost a third of them

having negative equity.

Like we said a moment ago, $6,905 is the average amount

that borrowers owe more than what their current vehicle is worth,

which is the highest Edmunds has ever seen.

And now, Dad, nearly one in three of those vehicles

that are, those car owners, excuse me, that are underwater

are between $5,000 and $10,000 upside down.

We have nearly 25% are upside down

by more than $10,000 when they go to get into a new vehicle.

And 8.3% upside down by more than $15,000.

Nearly one in 10 of those that have negative equity today

have over $15,000 of negative equity,

meaning that if they had a $10,000,

I can't even do the math with a $10,000 auto loan

because it's not a big enough number.

Well, you could, they owed 25 grand.

But I'm saying the loan's only worth 10 grand.

The vehicle's only worth 10 grand.

Imagine if a vehicle were $10,000,

your auto loan that you're currently paying off is $25,500.

Which, to be clear, is 8.3% of people

that Edmunds brought into that.

That is staggering.

Well, the thing to me that's really staggering about that

is, A, the banks are going along with it.

So as I like to say, the banks are complicit

in what we see happening in the credit market at the moment.

And the other thing is that the dealerships

are so short-sighted, so blinded by short-term profit

that they are allowing themselves

to help customers get into this position.

Which means those customers can't be customers again

because you can't roll $15,000 of negative equity

into your next car loan.

And honestly, those customers who are thinking

that they could and they should,

they should seek help of some kind,

whether it be financial guidance help,

whether it be psychological guidance help,

because there is nothing going on in that brain up there

that is making any sense to think,

well, I'm just gonna keep getting further and further

and further in debt.

And I will continue to extend the term

at which I'm agreeing to pay it back,

even though I have no intentions

of ever keeping the car that long.

So let's look at that Wells Fargo story again

one more time in the context of what we're talking about today.

And then I wanna share some more data

on auto loan delinquency.

So car dealership guy posted this a little over two weeks ago

and internal memo obtained by CDG news shows

that Wells Fargo is piloting a new program,

borrowers with FICO scores above 540

can get approved for loans up to 150% of loan

to value ratio.

Again, what this means is that a vehicle

may only be worth $10,000.

But the bank will finance 15 for you.

$15,000.

Already burying your ass

the minute you signed on the dotted line.

Yeah.

And that's a new program for people

with FICO scores above 540, not 740, not 640.

Yes.

540.

Yeah, that is, if there is no way

you can convince me

that a bank that is willing to do that

is not complicit in putting people

into disastrous credit situations.

That the bank knows better, okay?

The buyer at the bank who is approving it knows better.

The dealer that is assisting the customer knows better.

The only one that doesn't know better is the customer.

Because, well, maybe they do know better,

but all they can think about is,

well, there's a different car

at the end of the line for me here.

So I think, yeah, it sounds good.

I received an email earlier this week

from someone who found herself in a situation.

Wait, can we do manual solo time?

Give me one second.

Yeah, so I received this email

and the customer was in a situation

where they had a Mazda CX-5 that they liked.

Their car payment was $625 a month

and they had three years remaining on it.

They were trying to figure out ways

to lower their payments,

whether it be cable bills, cell phone bills, whatever,

internet bills, car loans.

So the thought was that we will trade in this Mazda

and we will get a new Honda and we will lower the payment.

And the goal was to lower the payment to $475 to $500 a month.

When everything was all said and done,

the customer traded in the Mazda

that had three years remaining on it at $625 a month,

traded in that Mazda for the Honda, a base model Honda,

walked out of the dealership with a new payment

of $618 a month, saving a whole $7 a month,

and committing to an 84 month, no, yeah,

an 84 month loan, a seven year loan term, 84 months.

And I get an email saying, well, can you help me?

I don't think I accomplished what I was trying to accomplish.

No, you got so much further away from that

and you hate the car and you wanna get out of the car.

What do I do?

How can you help me?

How can you assist me?

So the bank knew it, the dealership knew it,

the customer didn't quite understand it

and she is probably one of those 24.8% of the people

that have negative equity in excess of $10,000.

What do you do?

My only suggestion to her was,

perhaps if the bank will agree,

look at some type of three year lease

so that at the end of three years, you can start fresh.

Now, dad, you said something earlier

that I wanna just point out is in contradiction

with Wells Fargo, Wells Fargo's quote here, dad,

quote, Wells Fargo is committed to responsible lending

and providing our customers with affordable solutions

for their transportation needs.

As part of that work,

we are continuously testing

potential lending solutions in the market.

Now, to build on top of this,

I recently learned about a company called Yendo yesterday.

They raised $50 million, $50 million

in their series B financing

because they've done some financial engineering here

where you can get a credit card that is backed

by the equity of your car,

which we know there's a negative equity.

Well, there's about 72% of the people out there

that might have some equity.

I bring this up in the context

of what I'm sharing here from Wells Fargo

because there are these financial institutions

that look at what they're doing.

We're gonna talk about Yendo more in a sec here

as it's mind-boggling to me,

but they look at what they're doing

is actually like a real positive for the industry.

And let me say this,

and it was such corporate BS nonsense.

They know that they're not doing anybody

on the consumer side of things a favor

when they take somebody that doesn't deserve or qualify

for 150% loan to value ratio

and extend those type of terms to them

because that person has already proven

that they can't handle their credit.

Their credit history is such that

their credit score is subprime.

So we already know they can't handle their credit.

How are you being responsible as the bank

to say, you know what,

you deserve a third or fourth or fifth chance.

You think you were buried before?

We're gonna show you, you had no idea what buried was.

All right, everyone, let's talk about drinking and driving.

A decision that will change your whole world.

Things will never be the same once you get a DUI

because legal fees, time and court are just the beginning.

Getting into a crash is another way your world

could be irreversibly changed after drinking and driving.

Your vehicle may not be the only thing

that gets damaged in that crash.

You could face a life altering injury or even death,

but you're not the only one who could face those consequences.

Your decision to drink and drive

could permanently change someone else's world.

Whether you injure them or leave their loved ones grieving.

The next time you're out drinking,

call a rideshare, a taxi, a sober friend

or a designated sober driver.

Always plan for a safe ride home.

The only decision that will change your world for the better

is the decision to call for a sober ride.

It's never worth it to drive drunk.

Don't risk it.

Drive sober or get pulled over, paid for by NHTSA.

If you're a maintenance supervisor

for a commercial property,

you've had to deal with everything

from leaky faucets to flickering light bulbs,

but nothing's worse than that ancient boiler

that's lived in the building since the day it was built.

50 years ago, it's enough to make anyone lose their cool.

That's where Grainger comes in.

With industrial-grade products

and dependable fast delivery,

Grainger can help with any challenge

from worn-out components to everyday necessities.

Call, clickgrainger.com or just stop by.

Grainger, for the ones who get it done.

So what do you make out of this Yendo company?

So again, just to describe it briefly here,

let's go to their website

and I'm gonna go to how it works

and we pull it up on the screen.

How it works, applying for the Yendo credit card is simple.

Learn how Yendo lets you use your car

to access up to $10,000 in credit.

So here's how it works.

If you're making payments on your current car,

you get Priapu.

Priash.

You transfer your auto loan to Yendo

and then you access your money.

The whole idea here, Dad,

is that you're in an equity position on your vehicle.

So you have this 2024 Honda Accord

with 112,000 miles on it.

That's worth $8850, $80,850.

Well, they'll let you take out credit against that vehicle.

It almost is like a home equity line of credit

if you look at it similarly.

The issue here is,

the car is depreciating.

And as we look back at Edmunds,

the share and average amount of negative equity chart

is going up into the right, not down into the right.

So I was confounded when I saw that

there's a company out there that again,

lets you get a credit card

that's backed by the equity of your car loan.

Here's the difference between getting an equity loan

on a depreciating asset like an automobile.

That's movable, drivable,

harder to find when it's kind of be reposet,

as opposed to taking out a home equity line of credit

on your house.

And the vast majority of homes appreciate in value

are pretty much stuck in the ground where they are.

Okay, the bank knows the exact address

and it's gonna be there cause it ain't on wheels.

So it's just, when you asked me about it yesterday,

and my response was at first blush,

it looks like, okay, somebody can utilize the equity

in their car if they needed to.

But if you look just a little below the surface,

this is another way to bury people who should know better.

The last thing you wanna do is if you have any equity

in your vehicle is to take that equity

and use it as a line of credit for something else.

You are just exacerbating whatever situation you are in.

I received an email from Antonio,

one of our, about GoFundMe,

and the CEO at GoFundMe said,

there are more and more and more of our customers

using GoFundMe to raise funds to cover their groceries.

So, I think when you hear it-

Why wouldn't I get a credit card backed by my car equity

to get my groceries that I pay on Klarna

and 12 installment payments over the next year?

Why wouldn't you?

Especially when Wells Fargo will approve me

for that next auto loan,

even though the cycle of financial engineering here

is devastating and where we see it show up

is in the Edmunds data.

Every quarter it gets worse in the Edmunds data.

And I have more data I'm gonna share in a minute here

that shows the negative equity side,

or excuse me, the auto loan delinquency side even worse.

It is a way that we are perpetuating

the continued downfall of a huge swath of Americans.

We are savoring them with debt,

making it easier and easier to get deeper and deeper into it.

Because apparently that's the only way

we can keep the Dan economy running, okay?

Is to just have people take on more and more debt

that they shouldn't have.

And the people don't seem to understand it

because most Americans are financially illiterate

and have no idea as to what it is

that they're doing to themselves

until after they've done it to themselves.

You have the banks that are helping to facilitate it.

You have new players like Yendo who are saying,

well, there could be some equity

in some of these cars out there.

Why don't we offer that to people?

And I have no idea what rates.

I didn't look at what their rates are,

but whatever it is, as you said before,

it's a depreciating asset.

And I guess if you take the equity out

and get a credit line,

and when you have that major repair that's needed,

well, you already have the Yendo credit card to pay for it.

There's just something wrong

when the entire economic cycle

is based on taking advantage of people.

And I guess the concept is

that if the population keeps growing,

we can do this forever.

But the rate of growth of the American population is slowing.

So at a certain point where the house of carbs

is gonna come tumbling down.

All right, so here's some interesting data

that shows what's happening on the auto lending site

in a little bit more detail.

This was posted over on CDG's website.

This number, dad, 6.43% of subprime auto loans in August

where at least 60 days passed due.

This is a record.

This is as high as we've ever seen.

JD Power showing that nearly one in seven car shoppers

now have a credit score below 650.

That is also a record.

That's the highest share of lower credit borrowers

taking out loans since 2016.

That one so doubts me a little bit.

We have declining credit scores

and quality of shopper from a credit perspective.

And they're still getting approved for those loans,

obviously.

Yeah, because that's how the banks make their money.

That's how dealerships make their money.

That's what keeps the economy running

is to keep supplying the people with credit

that they cannot either handle or don't deserve.

As you can't convince me,

somebody that has a credit score of 540

should be able to get 150% of loan to value.

That would be if they were looking at a $10,000 car

that Wells Fargo would lend them $15,000

on that $10,000 car that is depreciating every day.

There is no way that 50%, that extra 5,000,

that that gap ever gets closed

because the car is depreciating faster

than they're paying it down.

So it's just, it is the whole concept,

the whole construct here just seems to be,

let's take advantage of as many people as we can

to keep this facade going.

And then let's hope that there's just another influx

of credit worthy people to come along

so that we can continue to do it.

But at a certain point,

at a certain point, you just have to look at it

and you gotta go, this is 2008 all over again.

Okay, and I know that we have short memory.

2008, 2009, 2010, 2011, 2012,

it was ugly, okay, it was ugly.

It was not a good time.

It was hard to buy things.

Credit wasn't available because I don't know,

we put constraints on what banks could do

and how they could lend.

We actually, I don't know,

checked that the banks were in compliance

with loan guidelines and things.

Yeah, that was nearly similar,

what's happening then.

And we've kind of lost sight of that

and we're falling back into the same trap.

And my guess is there's only so much the Fed can do.

At a certain point, you just run out of money

and if we think inflation is bad now,

we'll wait on that cup of coffee at Starbucks,

it's $23 and nobody's showing up.

The big story for us in our communities,

you have to take responsibility for what you're doing.

If you watch us talk about this stuff every single day,

if you watch the Car Edge main channel,

if you're informed and empowered,

you have to take responsibility

because just because you can get approved for something,

doesn't mean you do it.

And you used to give that line, right?

What was the line you gave yourselves people to use?

Or you used on customer.

So it was like, well, the bank,

you know, the bank wouldn't have approved you for it.

If they didn't think you could make the payment.

Which is BS, unequivocally, it's BS.

Wells Fargo telling you that you can be approved

for up to 150% but your credit score is 541.

Does not mean you should take on that burden.

No. But the bank wouldn't have approved you

if they didn't think you could do it.

No, the bank's drunk right now.

That is, the bank is drunk, it has bad judgment.

Okay, the buyer was snorting cocaine.

No, that's in his opinion.

I went drunk, which is beagle.

He went cocaine, which is illegal.

Whatever.

Because the bank has bad judgment,

doesn't mean you take that on.

So I think there's a huge angle here

which is consumer response.

So if I hear you correctly,

just because the bank has bad judgment,

doesn't mean that you, you as the consumer

should equally have as bad a judgment.

Yeah.

I appreciate that.

And the orange rubber ducky also resonates

with the bank is drunk.

I really do think that is like the way to describe

our current automotive lending ecosystem.

And you and I looked at it yesterday, Dad.

Amidst all that we've said,

it was gonna go on at the Fed funds rate

and things like that,

what do we see new car interest rates go?

It went up, the average interest rate for a new car auto

went up to, what was it, like 9.74%?

Yes.

So it's like rates are supposed to come down,

access to credit should be, you know, smarter

because we've already seen delinquencies go up.

No, we're seeing rates go up.

We're seeing access to credit be more accessible

than ever before.

Look, but the average rates go up

because the average person applying for credit

has a lower credit score than they ever have.

Okay, so that it kind of sort of makes sense

that the rates, the average new car rate today

would be nine, I think it was 9.47%.

Yeah, I mean, why wouldn't it be?

Now that's not to say that people

that have exceptional credit

can't get lower rates, they can.

That's not to say that there aren't specialized rates

out there from captive lenders

that people with good credit will qualify for.

But the vast majority can't and won't.

Let's switch gears, Dad.

Let's spend a couple of minutes here.

I have an idea.

We're gonna help Claudia out really quick.

Maybe tomorrow's show can just be car buying help

on the couch, couch bar buying corner, couch corner,

car buying help, couch.

Whatever.

We'll workshop the name,

but let's see if we can help Claudia out quickly here.

I need some advice.

I'm getting ready to buy or lease a car.

My Honda Pilot 2015 is on its last leg.

I'm a single mom and I'm stuck.

Should I finance or lease?

I don't want to put any money down.

Now what types of, so I think I'm gonna just pause it here,

Claudia, it's hard to give you advice

because there's a lot of missing variables

and pieces of information.

What are the pieces of information you would need from Claudia?

And then how should Claudia think about this?

Like what are the things she should be thinking

about to help inform her answer here?

Well, first of all, Claudia needs to do

all types of research.

What do I mean when I say that?

Well, Claudia, whether you buy it or you lease it,

whatever it is that you're going to look at,

you're going to have to insure it

because, well, you're using somebody else's money to get it.

So they're going to require full coverage insurance.

So I don't know, check with your insurance company,

check with your insurance agent,

give them an idea of what vehicles you might be looking at.

So he or she can give you a quote

as to what your new insurance rates might be

on top of what your auto loan would be.

And on that front, we've seen,

I mean, I've seen insurance payments

that are hundreds, multiple hundreds of dollars a month.

It can be as much as your car payment is.

And Claudia, we have resources back on CarEdge.com.

You can click on research.

You can type in any, whoops,

you can type in any vehicle up here

and it'll show you what the estimated insurance costs are.

But to my dad's point, obviously getting a quote

is definitely the move as well.

But just wanted to call that out.

Yeah, and as-

So research on costs, like your little costs.

Yes.

And then I'm assuming that the Honda

that's on its last legs,

you're probably going to trade it in.

Go online, get some values as to what-

Deal with solution at CarEdge.com slash sell.

Use that.

We have a guide on how to get the most for your trade-in,

which walks you throughout a sell-it.

So yeah, look at that.

And you need to know what your credit score is

and what type of credit you would qualify for.

And I'm sorry to hear you have zero to put down,

but not having any money to put down other than the trade

is going to impact what your payment is.

I don't know what type of payment range

you want to try and stay in as to what's affordable for you.

So there's all types of missing information,

but you can do some of the research prior

to ever walking into a dealership

so that you have at least a better understanding

of what you're looking at.

Yeah, I think the theme I'm getting from all that is,

do your research to understand the whole task

of what you're going to get into.

Don't just get enamored with a low payment.

There's other aspects that are going to add in.

There is no excuse in today's world

with the advent of the internet.

And people like us that are providing the information

that one would utilize to make a more intelligent decision.

So avail yourself of what's out there

so that you can better understand

what you're about to embark on.

Absolutely, and as a friendly reminder,

we can help you out with our car buying service as well.

So if you go to caredge.com

and click on car buying services up there

in the top navigation, you can now meet the team, folks.

Meet the people that are actually working all of these,

working with all these customers.

We've got so many incredible folks,

48 years of experience in the car business, Dad.

So many awesome people on our team that you can work with.

So Claudia, I don't know if that's an option for you,

but it's something to consider as well.

Yeah, that's called a show for today.

Tomorrow we might have,

I really feel uncomfortable saying this, couch edge.

Yeah, we got to come up with it.

We got to come up with it, yeah.

Edge on the couch?

No, edge of your seat.

Edge of your seat?

We'll keep you on the edge of your seat tomorrow.

Well, we'll be back from the couch and the chair.

I like this setup.

I did not bring a single pair of pants though on this trip.

Well, the good news is tomorrow

it's supposed to go up to 60.

No, no, I mean, I knew we were going to be inside

and I'm going to run on the boardwalk,

so I just brought shorts.

I was just going to bring a towel.

I can't help you with that

because my waist is a lot larger than yours.

Yeah, so anyway, folks will get to see more

of my compression shorts that I wear under my shorts.

Anyway, we'll be back tomorrow.

I do believe.

If we can help you out with anything, caredge.com.

Thank you, Dad, as always.

Thank you.

See you all back here tomorrow,

everybody from the couch and the chair.

Looking for the ultimate car talk?

Buckle up for CarCast,

the podcast that blends horsepower,

insider knowledge and big personalities.

Join me,

Motorator Matt D'Andrea along with Edmunds.com,

Editor-in-Chief Alistair Weaver

and WWE Hall of Famer Bill Goldberg.

As we dive into the latest rides, car culture

and behind the scenes stories,

you won't hear anywhere else.

From track-tested reviews to legendary car collections,

this is where passion meets performance.

Subscribe to CarCast Now on Apple Podcasts,

Spotify or wherever you get your podcasts.

If you liked the show,

please take a moment to rate, review and subscribe.

It really does help the show to grow.

Thank you for listening.

Happy Holidays!

Want to give your host a gift?

Consider subscribing, rating and reviewing

the show this holiday season.

It really helps the show grow.

From all of us at Believe,

have a Merry Christmas everyone and a happy holiday.

Banks SCREWED The Car Market (INSANE DATA) | Episode 943

About this episode

negative equity

used car shortage

new car shortage

Edmunds

loan to value ratio

average car payment

Mazda Cx5

Honda Accord

Honda Pilot 2015

finance or lease

full coverage insurance

auto loan

insurance payments

trade-in

CarEdge.com

Request an Explanation

Want to learn more?

Help improve this episode

More from CarEdge Live