Who woulda thunk that loaning serial defaulters living on EBT cards $35,000 to temporarily use a Cadillac Escalade wouldn’t work out in the long run. But at least the MSM and Obama could claim auto “sales” are booming. So it goes.
Chart Of The Day: Subprime Auto Delinquencies Surging Higher
It’s the votes stupid! Cadillacs bees entitlement like college degrees and welfare; Black Daddy and next White Mamie gonna makes it all bees good. Drive on bitches!
The financial gurus are securitizing these loans on Wall St. just as they did with subprime housing. I’m currently about 1/2 way through a great book on that subject, “The Monster” by Michael W. Hudson. It’s a real eye-opener!
Some time in the coming year should be a great time to buy a slightly used car. Something with low mileage off a two or three year lease. There should be plenty of pickup trucks out there.I am already starting to see them pile up on the lots on route 1, on our version of the auto-mile.
Bob.
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This is going to destroy the used car market, and impact new car sales.
I asked my brother in law who owns a used car dealership what percentage of his loans were subprime?
He said 100 percent
“We can always get the cars back if need be” he said
“They are excellent collateral”
Subprime auto will be contained. Future utterance from the Fed.
Annnnnndddd….once again, the banks win.