Situation with Sub Prime Auto Lending:
86% of people get to work by car: A Must to hold down job;
Over 25% of auto loans are high risk hence high interest rate
19% is average sub prime interest rate for up to 7 years
30% of subprime auto loans default so repo & re-loan cycle
Significance of Where the Industry is & is going:
Tired & aged used cars are sold & financed multiple times
Industry has a Scam-Extraction Economy Image/Reputation
Sub Prime Finance Bubble may be coming; Repeat of home loans
BHPH dealers seize opportunity with less down & longer terms
CFBP is seeking to police the sub prime market
Reputable Sub Prime auto lenders & dealers seek to do it right
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