This represents 31 million auto-loan accounts registered by the Consumer Financial Protection Bureau.

Making things worse, used vehicle prices in the US have dropped by ~22% over the last 3 years.

Additionally, 24.2% of vehicles traded-in had negative equity in 2024, the most in 4 years according to Edmunds.

These borrowers owed an average of $6,458 more than their car was worth when they traded it in, the most on record.

The car loan crisis is here.