A major factor in the U.S. auto market's recent deterioration was the number of people who took out car loans they couldn't afford. While being upside down on a car loan is nothing new, in 2010, 21.8 percent of Americans who bought a new car still had an average of $3,789 in negative equity on their trade-in, according to Edmunds data.
How did consumers get to this point? A ceaseless barrage of new car ads on TV and radio didn't help matters. That siren song of accelerating engines lured people into dealerships, where liberal lenders encouraged them to check ... Back to article
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