Categories : Auto Repair

 
Task Beetle, total automobile, engine and trans

WE DID get the engine began end of in 2014, and it ran for 5 minutes when we shut it off. has a brand-new fuel pump. vehicle requires brakes so hasn’t been …
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New Automobile Financing Research study Exposes Similarities To Subprime Home mortgage Crisis

New Automobile Financing Study Reveals Similarities To Subprime Home loan Crisis by MagnifyMoney Recent reports strengthen that delinquencies are reaching historical highs and losses are climbing up. MagnifyMoney wanted to look beyond the numbers and comprehend how consumers were purchasing automobile loans, how loan providers confirmed the creditworthiness of consumers and whether the process resembled the subprime home loan market. Unfortunately there are a lot of similarities. Given the answers to the study, the just recently reported delinquency numbers are not particularly surprising. MagnifyMoney performed a national study of 673 Americans who own automobiles. And they discovered that: Former banker turned consumer supporter and founder of MagnifyMoney Nick Clements believes the study provides us a caution: The rapid development in subprime auto financing has been making headlines recently. Overall automobile loan volume is close to $1 trillion, and 20 % of that is being made to subprime customers. $27 billion of bonds backed by subprime loans were issued in 2015, as compared to simply under $9 billion in 2010. Even within the subprime market, the loans have become much more subprime. In 2011, 12 % of securitized loans went to people with credit report below 550. In 2015, 30 % had ratings listed below 550. And now the delinquency and losses are starting to accelerate. According to Fitch, delinquencies on subprime car bonds have actually hit historic records. 5.16 % of borrowers are at least 60 days delinquent, which is the highest level since 1996. Losses have reached 9.74 % as of February, a boost of 34 % year-over-year. Even worse, these are delinquency and loss rates in a quickly growing profile. These numbers will just become worse. MagnifyMoney performed a national study (with Google Customer Studies *) and discovered that: These are troubling findings. MagnifyMoney believes that a number of the bad underwriting practices of the subprime home mortgage crisis can be discovered in the subprime car sector. As a pointer, here are some of the c.
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