Debunking the auto loan delinquency crisis:
Millennials are having babies at the slowest rate of any generation in American history. Birth rates among women in their twenties dropped by 15 percent between 2007 and 2012."
Which means that there's simply no way that any meaningful number of 18 to 25 year-olds are living in households with 2.5 people, and have children old enough to go to soccer practice!More importantly, those delinquency rates have not appreciably increased over the past two years.the run-up in delinquency rates occurred between 2014 and 2016--and not in the past two years.Auto finance companies [are] the lenders that are really driving these high default rates.
There's simply no way that these lenders are"driving high default rates" when three-quarters of outstanding sub-prime loans were originated by other lenders. The second part of the statement makes no sense, either. If the loans have a"high" probability of defaulting, then why are just 6.5% of auto finance company loans 90+ days delinquent?It’s clear that the public needs to have access to auto finance, so they can buy cars. But they need to buy affordable cars." I agree with Peterson here, although I would have worded it differently. I would have said"they need to buy cars they can afford.
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