The record-high subprime auto loan delinquency rate in September is deeply concerning, but it’s not just about the car market. The ripple effects extend to people struggling with their bills, families losing their means of transportation, and the broader economy.
Many people have asked me to why I haven’t commented on the concerning auto loan data that just came out.
In case you haven’t heard…
The percentage of subprime auto borrowers 60+ days past due on loans hit a record 6.1% in September.
This marked the highest delinquency rate…
— Car Dealership Guy (@GuyDealership) October 23, 2023