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People have stopped paying their car loans, and it's a risk to a $200 billion market
The New York Federal Reserve is flagging some concern over a $200 billion auto loan market. In a post out Tuesday, researchers led by Andrew Haughwout highlighted the nearly doubling of the rate of delinquencies in subprime auto loans originated by auto finance companies since 2011. "Since 2011, the overall delinquency rate of loans originated by auto finance companies has significantly deteriorated," the report said. The 90+ days delinquent rate for subprime auto loans originated by auto finance companies is up more than two percentage points since 2014, and now stands at close to 10%, according to the report. ... (full story)
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The market is designed to fool most of the people, most of the time.
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