‘Deep’ Subprime Car Loan Delinquencies Highest Since 2007 (as Auto Dealer Offers Bad FICO Rebate!)
wallstreetexaminer.com / by Anthony B Sanders • August 17, 2017
It was bound to happen, despite Dodd-Frank legislation and the creation of the Consumer Financial Protection Bureau following the financial crisis.
(Bloomberg) — Amid all the reflection on the 10-year anniversary of the start of the subprime loan crisis, here’s a throwback that investors could probably do without.
There’s a section of the auto-loan market — known in industry parlance as deep subprime — where delinquency rates have ticked up to levels last seen in 2007, according to data compiled by credit reporting bureau Equifax.
“Performance of recent deep subprime vintages is awful,” Equifax said in a slide show on second-quarter credit trends.
I like seeing my friends in the news, like Amy Cutts at Equifax.
“It isn’t a case of chasing a larger subprime share,” Cutts said in an email Tuesday. There’s been “almost no change in median credit scores. That means they are letting other underwriting characteristics slide,” she said, referring to the lenders that issue the bulk of subprime loans — so-called monolines that specialize in one area of the credit market and dealer-finance companies that work specifically with car sellers.
Deep subprime (WAFICO < 550) was 30% of market in 2016.
This is not all that surprising given that at least one car dealer is giving a rebate IF you have a FICO score UNDER 620.
The post ‘Deep’ Subprime Car Loan Delinquencies Highest Since 2007 (As Auto Dealer Offers Bad FICO Rebate!) appeared first on Silver For The People.
Source: http://silveristhenew.com/2017/08/17/deep-subprime-car-loan-delinquencies-highest-since-2007-as-auto-dealer-offers-bad-fico-rebate/
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