Friday, January 25th is “Opposite Day.” We’re not sure who invented this special day, but we think it must be the same committee who decreed May 24^th “National Scavenger Hunt Day” or August 12^th “Middle Child Day.”

There seems to be no real consensus on how to celebrate Opposite Day – some eat breakfast for dinner or wear their clothes backwards. For OMVIC, Opposite Day is the perfect time to talk about negative equity, an expression that reveals itself to be contradictory. Negative Equity, just like “jumbo shrimp” and “confirmed rumour”, is an oxymoron.

Defining Negative Equity   

Negative equity actually means that you owe more for a car than what it’s worth. It becomes an issue when you want to trade in that car you still owe money on.