You know Dasher and Dancer and Prancer and Vixen, Comet and Cupid and Donner and Blitzen. But do you recall…the “458 Italia Speciale?”

Rumours swirling around the North Pole claim Santa Claus is considering trading in his trusty team of reindeer for a 597 horsepower “black prancing stallion”. According to the elvish grapevine, the Ferrari’s front and rear movable flaps cut drag and its side slip angle control are better able to tackle unpredictable equatorial cross-winds. An elf at S.L.E.D. (Santa’s Lead Engineering Department), who wants to remain anonymous, described the current sleigh as having the aerodynamics of a “flat-sided igloo”.

Vehicles that would have been completely unaffordable two decades ago are now financially accessible. Many consumers can buy the car of their dreams, with no money down, for a monthly, bi-weekly (or even daily) payment that has somehow become “affordable.” But how? Did cars get cheaper? Are we all significantly wealthier? Or is something else at play?

When you owe more for a car than what it's worth, you have negative equity. Follow our infographic to find out how easily it can happen.

So what exactly is a lien?
A lien is a legal “encumbrance” registered on a person’s property to secure a debt the property owner owes to another person/business (commonly a bank/lender). In the case of a car loan, a bank (or finance company) will register a lien against the vehicle giving them the right to take possession of it should the borrower default on the loan and to sell the vehicle to recoup the outstanding debt.
So it’s really important you DON’T buy a vehicle with an outstanding lien!