A vehicle is considered a liability rather than an asset if the balance on the car loan exceeds the current value of the car, a state known as being "under water" on the loan.

Authors

• Person: Not available Organization: Spero Financial
  Understanding the Four Pillars of Personal Finance - Spero Financial

Sources

• Understanding the Four Pillars of Personal Finance - Spero Financial spero.financial Spero Financial via serper

Referenced by nodes (2)

• car loan concept
• liability concept