Driving Debt: One-Third of Car Loans Underwater

Episode Transcript

Speaker 1 (00:00):
One third of American car loans are now underwater, meaning
they owe more than the car is worth. KTRH car
pro Jerry Reynolds says, if you're one of those in
that situation, consider leasing your next car.

Speaker 2 (00:10):
Typically a lease is three years, so if you have
to row some negative.

Speaker 3 (00:14):
Equity from one loan into a lease in three years,
it's all gone.

Speaker 4 (00:19):
You're free and clear with the world.

Speaker 1 (00:21):
But if you're more than five thousand dollars under water,
he recommends writing it out and paying down some more.
Corey Yolson, who's Radio seven forty KTRH,