High car prices, rising interest rates and seven-year loans mean an increasing number of drivers are underwater, owing more than their vehicle's value.
Federal regulators forced a recall of Tesla’s robot-car technology, but the move allows drivers to continue to use it before the defects can be fixed.
Pete Kesterson is the general manager of a dealership in Falls Church, Va. On one side of his lot is the Volvo showroom, and on the other is the Kia showroom. He’s much more concerned about the customers shopping for Kias — who rely on financing more heavily — than he is for Volvo buyers who he says often pay with cash.
Wondering what happens to all those cars destroyed by California’s floods? Here’s where they’re headed “I can’t even get anyone to refinance me, because the value of the car does not add up,” said Ballou, who’s working two jobs and trying to get her own business off the ground.s on the radar of officials at the U.S. Consumer Financial Protection Bureau. They are closely monitoring it now that the safety net of selling a used car to climb out of debt is disappearing.
“The more likely scenario is the worsening of economic conditions combined with the prospects of a continued decline in car prices, making it harder for consumers to qualify for the car they want,” said Renaud Laplanche, Upgrade’s co-founder and chief executive.
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