@Free_Press Isn't this basically normal for new cars? A car loan is underwater immediately after driving off the lot. Average car depreciates 50% over the first 4 years, so with a prime rate of 5% over 4 years on the average $40K new car price with 10% down, you're underwater for the first ~16 months or one third of the loan duration. Used cars are better because the depreciation is lower, but 33% in aggregate isn't terrible. The buried lede is people rolling negative equity - that's a disaster.