U.S. Auto Loan Negative Equity Climbs to Record $7,200 in Q1 2026

The specific figure of ~$7,200 in negative equity for Q1 2026 is consistently cited across multiple independent outlets and the original X post by The Kobeissi Letter (published May 4, 2026). The framing of 'fourth consecutive annual increase' and 'record high' is also consistently repeated. The underlying data likely originates from a recognized industry data provider such as Cox Automotive or Edmunds, which publish regular trade-in equity reports, though the original primary data source could not be directly fetched in this run. The narrative is structurally coherent: pandemic-era vehicles bought at peak prices depreciating faster than loan paydowns is a well-documented phenomenon. Confidence is medium rather than high because the ultimate primary data source (the industry report) was not directly verified, and The Kobeissi Letter, while widely followed, is a financial commentary account rather than a data publisher itself.