‘Deep’ Subprime Car Loan Delinquencies Highest Since 2007 (As Auto Dealer Offers Bad FICO Rebate!)

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.

This post was published at Wall Street Examiner by Anthony B Sanders ‘ August 17, 2017.