That's quite a hefty number, but isn't that almost inline with what the domestic auto companies were hoping to achieve in the future? It really is a bit absurd, when you pass three dealerships of the same manufacturer within twenty minutes of each other.
If 70+% have 700+ credit scores, does it really matter if they're upside down on their trade-in, when they purchase a new one?
Because it is stupid; If you wreck the car and do not have gap insurance, you are stuck with a bill for thousands of dollars. DUH. Same deal as using the equity in your house as a credit card to buy stupid cr@p like a vacation, pool, etc.
