“Let them eat cake”, (a cheap low nutrition bread), the soon to be headless French queen Marie Antoinette
Subprime car lenders report a sharp drop in auto loan payments.
In a sign of upcoming trouble, Subprime Car Buyers Miss Loan Payments.
Credit Acceptance Corp., the lender to car buyers with subprime credit scores, warned it’s seeing a sharp drop-off in payments as people shift their financial priorities to get through the coronavirus pandemic.
As unemployment soars, borrowers are putting off payments or “reallocating resources,” Credit Acceptance said in a regulatory filing Monday, explaining that it needs more time to publish a quarterly report.
More:
https://www.zerohedge.com/personal-finance/wave-repos-imminent-subprime-auto-buyers-miss-payments