http://finance.yahoo.com/news/More-auto-loans-going-to-apf-2638114348.html?x=0 will they never learn?
Never until everything turns into a Mad Max type scenario. Which would be fun if it ever did. I'm getting bored of my current lifestyle.
I wouldn't lump this into the same boat with the sub-prime housing debacle. This is actually a good sign
I can tell you with absolute certainty that the secondary market for used car loans is not what it used to be. While it has improved, it's not anywhere near what it was 5 years ago. Chicago's southside, south burbs and Northwest IN. are littered with vacant lot's that used to have junkers for sale. They had great terms too. 125 bucks a week for 3 years on a 5 year old beater with 100K miles on it. Miss one payment and out went the hook. Sweet!:eek: :eek: :eek:
Is anyone surprised? I'd be lending to them too if I knew the taxpayer would bail me out. If you're lending to sub prime borrowers, what's the downside?