According to automotive research firm Edmunds.com, the number of Americans with auto loans "underwater" or "negative equity" in November reached an average of $6,054, the highest level since April 2020. 

"It's a precarious spot for many Americans, coming after a twin surge in car buying and interest rates has strained finances and fueled an uptick in automobile repossessions," Bloomberg explained, adding the average rate for a new car loan is 7.4% and 11.6% for a used car.

Earlier this year, when discussing the "perfect storm" hitting the US auto market, we showed that according to Fitch, "More Americans Can't Afford Their Car Payments Than During The Peak Of Financial Crisis"... The average new car loan has reached a record high of $40,000.