forces was badly bruised and may have been severely beaten two days before he died of suffocation during interrogation. Previously secret court testimony indicates an Iraqi general imprisoned by U.S. forces 'may have beaten Iraqi general'įORT CARSON, Colo. "More than a quarter of buyers are upside down when they come in, and the average is nearly $3,800," said Bob Kurilko, a vice president with Inc., an auto information publishing company based in Santa Monica, Calif. The amounts consumers are upside down are substantial, experts say.
Or, if a car is destroyed in an accident before it's paid off, the insurance settlement may not fully cover the outstanding loan. The result is that a consumer who trades in a car that isn't fully paid for can end up wrapping the loan hangover into the financing for a new car, greatly increasing the cost. The phenomenon, known as being "'upside down" on a loan, is the result of a confluence of changes in the ways Americans buy and finance their vehicles.īuyers, meanwhile, are choosing increasingly longer-term loans, sometimes extended over 84 months, to reduce monthly payments.
Many Buyers 'Upside Down' on Car Loans A growing number of new car buyers are finding they owe more on their existing car loans than the vehicles are worth as trade-ins.
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