Car loan debt in Canada is heading somewhere Americans have already been, and the first question at any dealership is designed to get you there faster. How much do you have a month to spend? Don't answer. The moment you do, they'll hit that number. The loan might run 120 months. The car won't.

Americans are already rolling old debt into new loans at scale, trading in vehicles they still owe on and burying that balance into the next purchase. Lorraine Sommerfeld's warning: Canadian numbers look smart right now only because we're a few months behind the same curve. Tariffs hit the US first. We're next. In the meantime, people are taking 10-year loans on depreciating assets and calling it a deal because the monthly payment sounds manageable.

The math catches up. You are underwater the day you drive off the lot. You stay underwater for years. Rolling old debt in makes it worse. The move is to buy the whole car, not the monthly payment, and to know the difference before someone in a showroom decides it for you.

Topics: car loan debt Canada, underwater car loan, dealership financing trap, car buying tips, 120 month car loan

GUEST: Lorraine Sommerfeld | http://driving.ca

Originally aired on 2026-03-02

Car loan debt in Canada is heading somewhere Americans have already been, and the first question at any dealership is designed to get you there faster. How much do you have a month to spend? Don't answer. The moment you do, they'll hit that number. The loan might run 120 months. The car won't.
Americans are already rolling old debt into new loans at scale, trading in vehicles they still owe on and burying that balance into the next purchase. Lorraine Sommerfeld's warning: Canadian numbers look smart right now only because we're a few months behind the same curve. Tariffs hit the US first. We're next. In the meantime, people are taking 10-year loans on depreciating assets and calling it a deal because the monthly payment sounds manageable.
The math catches up. You are underwater the day you drive off the lot. You stay underwater for years. Rolling old debt in makes it worse. The move is to buy the whole car, not the monthly payment, and to know the difference before someone in a showroom decides it for you.
Topics: car loan debt Canada, underwater car loan, dealership financing trap, car buying tips, 120 month car loan
GUEST: Lorraine Sommerfeld |<a href="http://driving.ca"> http://driving.ca</a>
Originally aired on&nbsp;2026-03-02

Shane Hewitt & The Nightshift is your late-night companion for real talk, bold ideas, and unfiltered conversations that matter. Hosted by Canadian radio veteran Shane Hewitt, each episode dives into the headlines, human stories, and hidden truths shaping our world—always with curiosity, compassion, and a sharp edge.

From politics and pop culture to mental health, technology, and everyday life, this podcast is where night owls, deep thinkers, and curious minds come to connect. Featuring expert guests, passionate callers, and Shane’s signature style—thoughtful, fearless, and refreshingly real.

If you crave meaningful dialogue, smart perspectives, and late-night radio energy in podcast form, subscribe now and join The Nightshift.

Shane Hewitt &amp; The Nightshift is your late-night companion for real talk, bold ideas, and unfiltered conversations that matter. Hosted by Canadian radio veteran Shane Hewitt, each episode dives into the headlines, human stories, and hidden truths shaping our world&mdash;always with curiosity, compassion, and a sharp edge.
From politics and pop culture to mental health, technology, and everyday life, this podcast is where night owls, deep thinkers, and curious minds come to connect. Featuring expert guests, passionate callers, and Shane&rsquo;s signature style&mdash;thoughtful, fearless, and refreshingly real.
If you crave meaningful dialogue, smart perspectives, and late-night radio energy in podcast form, subscribe now and join The Nightshift.

Shane Hewitt and The Nightshift

Shane Hewitt is known for his engaging and relatable on-air personality, which captivates listeners. His ability to blend insightful commentary with humour and empathy creates a genuine connection with listeners.  Shane Hewitt and the Night Shift provides relatable content, informative discussions and expert insights – along with a balance of anecdotes and entertainment.

Shane Hewitt is known for his engaging and relatable on-air personality, which captivates listeners. His ability to blend insightful commentary with humour and empathy creates a genuine connection with listeners.  Shane Hewitt and the Night Shift provides relatable content, informative discussions and expert insights – along with a balance of anecdotes and entertainment.