An explosion in auto lending the likes of which we’ve never seen. More loans than ever going to borrowers with lousy credit. Artificially puffed up sales, which are now starting to cool. More car repossessions than at any time since the Great Recession – in an economy the government tells us is growing around 2% with sub-5% unemployment. Talk about an epic disaster in the making!
I’ve been warning about this car-pocalypse for several months now, and today, the Financial Times chimed in with its own scary roundup of data. I suggest reading it – because this is one of the biggest impending disasters for the economy and the markets since the (very similar) housing bust more than a decade ago.
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You have to subscribe to be able to read it – thanks a lot . Do you get commission from that ?
I wanted to read it too, because of Lending Club getting into car loans now.