Driving an 'underwater' car is no fun

What’s the best car on the road? One that’s paid off.

That’s what my father loves to say. Regrettably, too many Americans aren’t heeding his advice. What’s worse is that they’re taking on “underwater” loans that far exceed their cars’ value.

The Wall Street Journal recently featured a 40-year-old electrician who bought a $27,000 Jeep with a $45,000 loan. How is that possible?

A string of bad luck...