re: At local Honda dealership this morning

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Or that the OP is just making up numbers for the sake of starting a thread.

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I asked a guy at the dealership about trade ins like that guy. He said 70% of consumers turn cars over every 3 years. Most people don’t get enough equity in them to transfer over to a new sale. Enter COVID and people paying 5-10K over MSRP and you have what I overheard. Also said that guy probably didn’t qualify for a standard rate loan and was paying 12-17% depending on how bad his credit was at time of sale. He said they can get anyone a car loan. They have one lender that will lend 130% LTV.