Wasn't there an article from Bloomy last year about how the sub-prime autoloan market was going to be the new 2008? Silly kinnigits. A pale whiff of odor in today's global economy. The auto sub-prime crisis will be nothing like that old nastiness. Good day for car auctioneers though!
We did two of them in the 90's, one we took public. Both put on hundreds of millions in receivables, both folded....VERY tough business. I used to describe it as a layer of car dealers on top of a layer of dead beats.