Edmunds sounded the alarm earlier this year after the number of underwater customers being denied new loans began to spike. Back in March, we saw a report that more than 25% of buyers carried negative equity from a previous loan. A driver carrying negative equity has an average monthly payment of $944 per month—$167 more than the average buyer without one. Over the course of a loan, they paid nearly $6,500 more than the average buyer in interest alone. That’s 60% more than the average buyer, all for the pleasure of doing it again in three years.