I am always amazed at how little we learn from history, especially history just five years old. Today, nonprime, subprime, and deep subprime new auto loans make-up 26% (2013 Third Quarter) of all new vehicle financing, which, of course, is one out every 3.85 loans are highly risky. (Subprime lending includes borrowers with credit scores below 520.) Worse yet, the subprime loans for used vehicles comprise 55% of the market in the third quarter of 2013. But, then again, no need to worry about subprime lending, because this time is different. Right?
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