The Truth About Cars » Subprime http://www.thetruthaboutcars.com The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. Sun, 01 May 2016 16:00:56 +0000 en-US hourly 1 http://wordpress.org/?v=4.2.4 Wells Fargo Places Cap On Subprime Loans http://www.thetruthaboutcars.com/2015/03/wells-fargo-places-cap-subprime-loans/ http://www.thetruthaboutcars.com/2015/03/wells-fargo-places-cap-subprime-loans/#comments Mon, 02 Mar 2015 15:19:22 +0000 http://www.thetruthaboutcars.com/?p=1010450 Wells Fargo will rein in its subprime lending business, limiting subprime car loans to 10 percent of auto loans it originates. According to the New York Times, the move comes amid concerns that the market for subprime car loans is expanding too quickly. While the paper’s Dealbook section notes that Wells Fargo has a strong reputation […]

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Wells Fargo will rein in its subprime lending business, limiting subprime car loans to 10 percent of auto loans it originates. According to the New York Times, the move comes amid concerns that the market for subprime car loans is expanding too quickly. While the paper’s Dealbook section notes that Wells Fargo has a strong reputation […]

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Subprime Auto Loans Climb to Highest Level Since Financial Crisis http://www.thetruthaboutcars.com/2015/02/subprime-auto-loans-climb-highest-level-since-financial-crisis/ http://www.thetruthaboutcars.com/2015/02/subprime-auto-loans-climb-highest-level-since-financial-crisis/#comments Sat, 21 Feb 2015 07:00:54 +0000 http://www.thetruthaboutcars.com/?p=1004818 Alan Zibel and Annamaria Andriotis of the Wall Street Journal (subscription required) report that consumer loans to borrowers with bad credit, including those for cars and light trucks, are now approaching 40% of loans issued, the highest percentage since the start of the financial crisis in 2007-08. Almost four of every 10 loans for autos, credit […]

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Alan Zibel and Annamaria Andriotis of the Wall Street Journal (subscription required) report that consumer loans to borrowers with bad credit, including those for cars and light trucks, are now approaching 40% of loans issued, the highest percentage since the start of the financial crisis in 2007-08. Almost four of every 10 loans for autos, credit […]

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Repossessions, Delinquencies Up As Oustanding Auto Loan Balances Hit All-Time High http://www.thetruthaboutcars.com/2014/08/repossessions-delinquencies-oustanding-auto-loan-balances-hit-time-high/ http://www.thetruthaboutcars.com/2014/08/repossessions-delinquencies-oustanding-auto-loan-balances-hit-time-high/#comments Thu, 21 Aug 2014 15:49:31 +0000 http://www.thetruthaboutcars.com/?p=897458 The latest Q2 2014 data from Experian was released this week, and key metrics like repossessions, loan delinquencies and outstanding balances have all seen increases. Outstanding balances were up nearly 12 percent, rising to an all-time high of $839.1 billion dollars. 60-day delinquencies were up 7 percent to 0.62 percent in Q2, while 30-day delinquencies […]

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The latest Q2 2014 data from Experian was released this week, and key metrics like repossessions, loan delinquencies and outstanding balances have all seen increases. Outstanding balances were up nearly 12 percent, rising to an all-time high of $839.1 billion dollars. 60-day delinquencies were up 7 percent to 0.62 percent in Q2, while 30-day delinquencies […]

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Honda’s Sales Chief Warns Of “Stupid Things” As Accord, CR-V Top Retail Sales Charts http://www.thetruthaboutcars.com/2014/08/hondas-sales-chief-warns-stupid-things-accord-cr-v-top-retail-sales-charts/ http://www.thetruthaboutcars.com/2014/08/hondas-sales-chief-warns-stupid-things-accord-cr-v-top-retail-sales-charts/#comments Tue, 19 Aug 2014 19:33:25 +0000 http://www.thetruthaboutcars.com/?p=895466 In this year’s red hot new car market, the Honda Accord and CR-V have apparently captured the top spot in both new car and SUV retail sales through the first half of 2014, according to Polk registration data. But John Mendel, Honda’s head of sales, had some pointed words for the industry as a whole, and […]

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In this year’s red hot new car market, the Honda Accord and CR-V have apparently captured the top spot in both new car and SUV retail sales through the first half of 2014, according to Polk registration data. But John Mendel, Honda’s head of sales, had some pointed words for the industry as a whole, and […]

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Santander Consumer Receives DOJ Subpoena http://www.thetruthaboutcars.com/2014/08/886161/ http://www.thetruthaboutcars.com/2014/08/886161/#comments Sat, 09 Aug 2014 15:35:40 +0000 http://www.thetruthaboutcars.com/?p=886161 Following GM Financial’s subpoena from the Department of Justice, Santander Consumer said that it had received a subpoena as well related to “production of documents and communications that, among other things relate to the underwriting and securitization of nonprime auto loans since 2007,”   Reuters is reporting that Santander Consumer is co-operating with the requests. […]

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Following GM Financial’s subpoena from the Department of Justice, Santander Consumer said that it had received a subpoena as well related to “production of documents and communications that, among other things relate to the underwriting and securitization of nonprime auto loans since 2007,”   Reuters is reporting that Santander Consumer is co-operating with the requests. […]

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A Contrarian View Of Subprime Auto Loans http://www.thetruthaboutcars.com/2014/08/contrarian-view-subprime-auto-loans/ http://www.thetruthaboutcars.com/2014/08/contrarian-view-subprime-auto-loans/#comments Thu, 07 Aug 2014 14:53:35 +0000 http://www.thetruthaboutcars.com/?p=883713 The topic of subprime auto loans has been a hotly contested one at TTAC, with numerous commenters defending both the practice and the stability of recent run-up in subprime lending. Over at the Autos and Economics blog (operated by contributor Mike Smitka), David Ruggles (better known as “ruggles” around here) provides a well-reasoned defense of subprime lending, […]

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The topic of subprime auto loans has been a hotly contested one at TTAC, with numerous commenters defending both the practice and the stability of recent run-up in subprime lending. Over at the Autos and Economics blog (operated by contributor Mike Smitka), David Ruggles (better known as “ruggles” around here) provides a well-reasoned defense of subprime lending, […]

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Outstanding Subprime Loan Balances Hit 8-Year Highs http://www.thetruthaboutcars.com/2014/07/outstanding-subprime-loan-balances-hit-8-year-highs/ http://www.thetruthaboutcars.com/2014/07/outstanding-subprime-loan-balances-hit-8-year-highs/#comments Fri, 25 Jul 2014 14:24:55 +0000 http://www.thetruthaboutcars.com/?p=873226 Buried in a feel good story about auto loans comes the news that subprime auto loans are at levels that we haven’t seen in nearly a decade. Citing data from Equifax, Automotive News reports The credit bureau also noted originations and total outstanding balances for subprime auto loans — defined as loans to customers with credit scores […]

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Buried in a feel good story about auto loans comes the news that subprime auto loans are at levels that we haven’t seen in nearly a decade. Citing data from Equifax, Automotive News reports The credit bureau also noted originations and total outstanding balances for subprime auto loans — defined as loans to customers with credit scores […]

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The New York Times Shines A Light On Subprime http://www.thetruthaboutcars.com/2014/07/the-new-york-times-shines-a-light-on-subprime/ http://www.thetruthaboutcars.com/2014/07/the-new-york-times-shines-a-light-on-subprime/#comments Mon, 21 Jul 2014 13:20:41 +0000 http://www.thetruthaboutcars.com/?p=870066 The issue of subprime car loans, specifically loans with exorbitant interest rates for used cars, has filtered into the New York Times, with the paper’s Dealbook section running an investigation into the practice. The NYT article serves as a primer on the subprime auto loan crisis, though it focuses on used cars, and the unscrupulous practices of dealers […]

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The issue of subprime car loans, specifically loans with exorbitant interest rates for used cars, has filtered into the New York Times, with the paper’s Dealbook section running an investigation into the practice. The NYT article serves as a primer on the subprime auto loan crisis, though it focuses on used cars, and the unscrupulous practices of dealers […]

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OCC Warns Of Auto Lending Risk http://www.thetruthaboutcars.com/2014/07/occ-warns-of-auto-lending-risk/ http://www.thetruthaboutcars.com/2014/07/occ-warns-of-auto-lending-risk/#comments Thu, 03 Jul 2014 14:48:24 +0000 http://www.thetruthaboutcars.com/?p=858137 The Office of the Comptroller of the Currency, a government entity that regulates and supervises banks, is sounding the alarm regarding risks related to auto loans. In its semi-annual report released earlier this week, the OCC warned about the usual factors that TTAC has been discussing for some time: rising loan terms, an increased focus on […]

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The Office of the Comptroller of the Currency, a government entity that regulates and supervises banks, is sounding the alarm regarding risks related to auto loans. In its semi-annual report released earlier this week, the OCC warned about the usual factors that TTAC has been discussing for some time: rising loan terms, an increased focus on […]

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Captives Dominating Auto Financing As Banks Resort To Risky Loans http://www.thetruthaboutcars.com/2014/06/captives-dominating-auto-financing-as-banks-resort-to-risky-loans/ http://www.thetruthaboutcars.com/2014/06/captives-dominating-auto-financing-as-banks-resort-to-risky-loans/#comments Thu, 19 Jun 2014 15:27:47 +0000 http://www.thetruthaboutcars.com/?p=846961 OEM captive financing arms are increasing their share of new car loans, with banks resorting to underwriting riskier loans in the used car market and to less credit-worthy buyers. Citing data from credit agency Experian, Reuters reports that the captive arms of Ford, Honda and Toyota made up half of all new car loans in […]

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OEM captive financing arms are increasing their share of new car loans, with banks resorting to underwriting riskier loans in the used car market and to less credit-worthy buyers. Citing data from credit agency Experian, Reuters reports that the captive arms of Ford, Honda and Toyota made up half of all new car loans in […]

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Moody’s: Underwriting Standards, Borrower Credit Declining http://www.thetruthaboutcars.com/2014/06/moodys-underwriting-standards-borrower-credit-declining/ http://www.thetruthaboutcars.com/2014/06/moodys-underwriting-standards-borrower-credit-declining/#comments Wed, 11 Jun 2014 12:49:06 +0000 http://www.thetruthaboutcars.com/?p=842314 The global outlook for Auto Back Securities (ABS) is steady – except in North America, where underwriting standards and borrower credit are slipping. The latest news comes from ratings agency Moody’s, which issued a new report on the popular investment vehicle. Sanjay Wahi, Vice President and Senior Analyst, stated “Globally, auto loan ABS pools will […]

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The global outlook for Auto Back Securities (ABS) is steady – except in North America, where underwriting standards and borrower credit are slipping. The latest news comes from ratings agency Moody’s, which issued a new report on the popular investment vehicle. Sanjay Wahi, Vice President and Senior Analyst, stated “Globally, auto loan ABS pools will […]

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No Credit Score? Show Your Cable Bill, Get Approved http://www.thetruthaboutcars.com/2014/05/no-credit-score-show-your-cable-bill-get-approved/ http://www.thetruthaboutcars.com/2014/05/no-credit-score-show-your-cable-bill-get-approved/#comments Wed, 14 May 2014 11:15:37 +0000 http://www.thetruthaboutcars.com/?p=819906 New technology is allowing buyers with no credit score – due to a lack of credit history or a personal bankruptcy – to get vehicle financing via examination of documents like the payment history of their cable or cell phone bill. Automotive News reports that companies like Equifax can provide information for customers who have been […]

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New technology is allowing buyers with no credit score – due to a lack of credit history or a personal bankruptcy – to get vehicle financing via examination of documents like the payment history of their cable or cell phone bill. Automotive News reports that companies like Equifax can provide information for customers who have been […]

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U.S. Treasury Loses $11.2 Billion In Accounting Of GM Bailout http://www.thetruthaboutcars.com/2014/05/u-s-treasury-loses-11-2-billion-in-accounting-of-gm-bailout/ http://www.thetruthaboutcars.com/2014/05/u-s-treasury-loses-11-2-billion-in-accounting-of-gm-bailout/#comments Thu, 01 May 2014 10:00:35 +0000 http://www.thetruthaboutcars.com/?p=813385 Detroit Free Press reports the U.S. Treasury lost $11.2 billion in taxpayer money from the rescue of General Motors back in 2008, up from the $10.3 billion estimated after the agency sold its remaining shares back in early December 2013. Part of the final figure came as a write-off of an $826 million “administrative claim,” […]

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Detroit Free Press reports the U.S. Treasury lost $11.2 billion in taxpayer money from the rescue of General Motors back in 2008, up from the $10.3 billion estimated after the agency sold its remaining shares back in early December 2013. Part of the final figure came as a write-off of an $826 million “administrative claim,” […]

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Subprime Lending Still On The Rise As GM Financial Grows Prime Lending Operations http://www.thetruthaboutcars.com/2014/03/moodys-subprime-on-the-rise/ http://www.thetruthaboutcars.com/2014/03/moodys-subprime-on-the-rise/#comments Tue, 25 Mar 2014 20:05:02 +0000 http://www.thetruthaboutcars.com/?p=780737 Subprime auto financing continues to grow, and while one analyst at Moody’s says that banks are largely staying out of the subprime space, overall lending continued to rise, with retail banks seeing some of the strongest growth. This expansion in lending, particularly subprime, was attributed as a key driver in auto sales. SNL cited forecasts for […]

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Subprime auto financing continues to grow, and while one analyst at Moody’s says that banks are largely staying out of the subprime space, overall lending continued to rise, with retail banks seeing some of the strongest growth. This expansion in lending, particularly subprime, was attributed as a key driver in auto sales. SNL cited forecasts for […]

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Subprime Car Loans At Highest Level Since Before Recession http://www.thetruthaboutcars.com/2013/11/subprime-car-loans-at-highest-level-since-before-recession/ http://www.thetruthaboutcars.com/2013/11/subprime-car-loans-at-highest-level-since-before-recession/#comments Wed, 13 Nov 2013 12:00:19 +0000 http://www.thetruthaboutcars.com/?p=649674 Subprime borrowers have accounted for more than 27% of new car and light truck loans this year, the highest level since 2007, according to Bloomberg. A year ago, a buyer with a credit ranking in the bottom percentile would not likely have been able to buy a car. This year people with credit stores as […]

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Subprime borrowers have accounted for more than 27% of new car and light truck loans this year, the highest level since 2007, according to Bloomberg. A year ago, a buyer with a credit ranking in the bottom percentile would not likely have been able to buy a car. This year people with credit stores as […]

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Mainstream Press Finally Worried About Cheap Car Loans http://www.thetruthaboutcars.com/2013/10/mainstream-press-finally-worried-about-cheap-car-loans/ http://www.thetruthaboutcars.com/2013/10/mainstream-press-finally-worried-about-cheap-car-loans/#comments Mon, 14 Oct 2013 16:00:41 +0000 http://www.thetruthaboutcars.com/?p=623585 Months after TTAC started to relentlessly bleat about the glut of money flowing into the auto loan sector, the mainstream media is finally taking notice. Automotive News is finally expressing some worry over the factors that we’ve been discussing for some time: car loan terms are getting longer (to help keep payments low), subprime lending […]

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Months after TTAC started to relentlessly bleat about the glut of money flowing into the auto loan sector, the mainstream media is finally taking notice. Automotive News is finally expressing some worry over the factors that we’ve been discussing for some time: car loan terms are getting longer (to help keep payments low), subprime lending […]

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“All Is Fine In Sub-Prime Land,” Says Someone With A Vested Interest In Its Success http://www.thetruthaboutcars.com/2013/06/all-is-fine-in-sub-prime-land-says-some-with-a-vested-interest-in-its-success/ http://www.thetruthaboutcars.com/2013/06/all-is-fine-in-sub-prime-land-says-some-with-a-vested-interest-in-its-success/#comments Fri, 21 Jun 2013 15:07:27 +0000 http://www.thetruthaboutcars.com/?p=492920 The Detroit Free Press paints a pretty clear picture of the automotive lending landscape: auto loan terms are rising, with 1 in 5 loans now lasting longer than 6 years. At the same time, the average credit score for those taking out loans is dropping. Ominous signs for a car market that’s running on the […]

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The Detroit Free Press paints a pretty clear picture of the automotive lending landscape: auto loan terms are rising, with 1 in 5 loans now lasting longer than 6 years. At the same time, the average credit score for those taking out loans is dropping. Ominous signs for a car market that’s running on the […]

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Auto Loan Delinquencies, Reposessions Up In Q1 2013 http://www.thetruthaboutcars.com/2013/05/auto-loan-delinquencies-reposessions-up-in-q1-2013/ http://www.thetruthaboutcars.com/2013/05/auto-loan-delinquencies-reposessions-up-in-q1-2013/#comments Thu, 16 May 2013 12:30:31 +0000 http://www.thetruthaboutcars.com/?p=488632 Bad news on the subprime front, as credit rating agency Experian reports a rise in delinquencies and repossessions for auto loans in Q1 2013. Melinda Zabritski offered a rather dubious explanation for the nearly 17 percent rise in repos (as well as the 1.3 percent uptick in 30 day delinquencies and 12.4 percent rise in 60-day delinquencies) […]

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Bad news on the subprime front, as credit rating agency Experian reports a rise in delinquencies and repossessions for auto loans in Q1 2013. Melinda Zabritski offered a rather dubious explanation for the nearly 17 percent rise in repos (as well as the 1.3 percent uptick in 30 day delinquencies and 12.4 percent rise in 60-day delinquencies) […]

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GM Financial Double Crosses Their Ally http://www.thetruthaboutcars.com/2013/05/gm-financial-double-crosses-their-ally/ http://www.thetruthaboutcars.com/2013/05/gm-financial-double-crosses-their-ally/#comments Mon, 13 May 2013 12:30:26 +0000 http://www.thetruthaboutcars.com/?p=488221 Following in the footsteps of Spanish bank Santander, GM Financial announced that it would enter the prime lending market in 2014. SNL Financial, a subscription-only financial news service, reports that General Motors Financial Co Inc officials said on a May 2 conference call that the company plans to launch a prime retail product in North […]

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Following in the footsteps of Spanish bank Santander, GM Financial announced that it would enter the prime lending market in 2014. SNL Financial, a subscription-only financial news service, reports that General Motors Financial Co Inc officials said on a May 2 conference call that the company plans to launch a prime retail product in North […]

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America’s Next Top Bubble: Delinquencies Down, Deals Up In ABS Land http://www.thetruthaboutcars.com/2013/04/americas-next-top-bubble-delinquencies-down-deals-up-in-abs-land/ http://www.thetruthaboutcars.com/2013/04/americas-next-top-bubble-delinquencies-down-deals-up-in-abs-land/#comments Tue, 30 Apr 2013 11:00:44 +0000 http://www.thetruthaboutcars.com/?p=486603 The largest asset-backed securities deal since prior to the mortgage crisis, worth $1.6 billion, was announced last week. Meanwhile, one ratings agency is touting their low delinquencies as positive signs in the ABS market. The subprime mega deal was reportedly helmed by Santander, a major Spanish bank that is also Chrysler’s lending partner. Recent developments have had […]

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The largest asset-backed securities deal since prior to the mortgage crisis, worth $1.6 billion, was announced last week. Meanwhile, one ratings agency is touting their low delinquencies as positive signs in the ABS market. The subprime mega deal was reportedly helmed by Santander, a major Spanish bank that is also Chrysler’s lending partner. Recent developments have had […]

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America’s Top Suzuki Dealer Switches To Subaru http://www.thetruthaboutcars.com/2013/04/americas-top-suzuki-dealer-switches-to-subaru/ http://www.thetruthaboutcars.com/2013/04/americas-top-suzuki-dealer-switches-to-subaru/#comments Mon, 29 Apr 2013 11:00:51 +0000 http://www.thetruthaboutcars.com/?p=486538 America’s top selling Suzuki dealer is switching it up with a much more popular brand. Wichita Suzuki has begun selling Subaru cars as it prepares for the end of the Suzuki era in America. Faced with an end to Suzuki sales, proprietor Scott Pitman bought a stake in a Subaru store owned by a business […]

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America’s top selling Suzuki dealer is switching it up with a much more popular brand. Wichita Suzuki has begun selling Subaru cars as it prepares for the end of the Suzuki era in America. Faced with an end to Suzuki sales, proprietor Scott Pitman bought a stake in a Subaru store owned by a business […]

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Fitch, Moody’s, Stand Alone As Subprime ABS Skeptics http://www.thetruthaboutcars.com/2013/04/fitch-moodys-stand-alone-as-subprime-abs-skeptics/ http://www.thetruthaboutcars.com/2013/04/fitch-moodys-stand-alone-as-subprime-abs-skeptics/#comments Thu, 25 Apr 2013 19:21:05 +0000 http://www.thetruthaboutcars.com/?p=486190 Ratings agencies and other players in the finance world are beginning to sound the alarm on auto backed securities.  Among the most troubling factors for some investors is the growth of smaller issuers who rely on pools of deep subprime loans. And ratings agencies who are being more conservative with their ratings are missing out […]

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Ratings agencies and other players in the finance world are beginning to sound the alarm on auto backed securities.  Among the most troubling factors for some investors is the growth of smaller issuers who rely on pools of deep subprime loans. And ratings agencies who are being more conservative with their ratings are missing out […]

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How A New Generation Of Sub-Prime Auto Financing Could Cause Another Catastrophe http://www.thetruthaboutcars.com/2013/04/qe-is-not-just-a-ship-how-a-new-generation-of-sub-prime-auto-financing-could-cause-another-catastrophe/ http://www.thetruthaboutcars.com/2013/04/qe-is-not-just-a-ship-how-a-new-generation-of-sub-prime-auto-financing-could-cause-another-catastrophe/#comments Fri, 05 Apr 2013 14:40:53 +0000 http://www.thetruthaboutcars.com/?p=483661 March was the 5th straight month of a SAAR above 15 million vehicles.  Industry analysts have explained the strength of the market in a number of ways. The need to replace older vehicles is one (new car sales were hit hard during the recession as consumers held on to their vehicles for longer. This also […]

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March was the 5th straight month of a SAAR above 15 million vehicles.  Industry analysts have explained the strength of the market in a number of ways. The need to replace older vehicles is one (new car sales were hit hard during the recession as consumers held on to their vehicles for longer. This also […]

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Subprime Madness: Shotguns Now Accepted As Car Loan Down Payments http://www.thetruthaboutcars.com/2013/04/subprime-madness-shotguns-now-accepted-as-car-loan-down-payments/ http://www.thetruthaboutcars.com/2013/04/subprime-madness-shotguns-now-accepted-as-car-loan-down-payments/#comments Wed, 03 Apr 2013 15:36:07 +0000 http://www.thetruthaboutcars.com/?p=483440 Anyone looking for an anecdote illustrating the QE-fueled madness that is subprime auto lending, take a look at this Reuters report on what constitutes a down payment in the subprime world. And still, though Nelson’s credit history was an unhappy one, local car dealer Maloy Chrysler Dodge Jeep had no problem arranging a $10,294 loan from Wall […]

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Anyone looking for an anecdote illustrating the QE-fueled madness that is subprime auto lending, take a look at this Reuters report on what constitutes a down payment in the subprime world. And still, though Nelson’s credit history was an unhappy one, local car dealer Maloy Chrysler Dodge Jeep had no problem arranging a $10,294 loan from Wall […]

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Sub-Prime Auto Financing, Loan Terms On The Rise http://www.thetruthaboutcars.com/2013/03/subprime-auto-financing-loan-terms-on-the-rise/ http://www.thetruthaboutcars.com/2013/03/subprime-auto-financing-loan-terms-on-the-rise/#comments Wed, 06 Mar 2013 21:05:24 +0000 http://www.thetruthaboutcars.com/?p=480402 Long-term auto loans, leasing and sub-prime financing all saw increases year-over-year from 2011 to 2012, according to a report by Experian, a consumer credit rating agency. While typically a dry and detail-oriented subject, the area of auto financing gives us some insight into the nature of the new car market and even the economy itself. […]

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Long-term auto loans, leasing and sub-prime financing all saw increases year-over-year from 2011 to 2012, according to a report by Experian, a consumer credit rating agency. While typically a dry and detail-oriented subject, the area of auto financing gives us some insight into the nature of the new car market and even the economy itself. […]

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