The auto market is showing signs of incredible worry. Delinquent subprime auto-loans are higher than they were in the last recession. What’s interesting – and worrisome – is that consumers are defaulting on subprime auto loans when the economy is supposedly doing ‘very well’.
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Most Americans are living paycheck to paycheck so all this access to subprime debt is going to do is allow them to consume future income and guarantee that any ability for future financial security disappears.
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During the credit crisis, one of the problems that occurred was that too many loans were being made to people that had no ability of paying their debt back. We see this trend in full stride once again in the auto industry. Subprime auto lending is back in a big way. Why is this happening? What are its repercussions? This article explains.
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