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strbear

Www.carpricecrash.com

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Fears are mounting that the sub-prime mortgage crisis is beginning to infect America’s $300 billion (£150 billion) car loan market as evidence emerges of a surge in the numbers of US motorists in arrears.

According to the National Automotive Finance Association (NAF), the trade body that represents America’s sub-prime vehicle lending market, the number of car loans that were late by at least 30 days, or had missed repayments, jumped to its highest level for three years.

Lenders who made more than 40,000 sub-prime car loans in 2006 saw the percentage of those in arrears jump from 6.8 per cent to 8 per cent, while smaller lenders who tend to offer loans to higher-risk customers saw their arrears levels more than double from 6.2 per cent in 2005 to 14.6 per cent in 2006. Wall Street is worried that the same mortgage borrowers who are falling behind with their home loan repayments will also miss repayments on their car loans.

http://business.timesonline.co.uk/tol/busi...icle2469491.ece

Looks like its debt in general thats the issue,

Enjoy

SB

Edited by strbear

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When the next boom comes along it will only be enjoyed by the already affluent as banks are never going to want to lend sub prime to anybody ever again.

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As manufacturers introduce 100mpg models to cope with $100 to $200 oil, existing used models WON'T sell. Watch the market for these used cars fail spectacularly in the next 5 years. I'm waiting to pick up a fully-loaded 100 grand gas-guzzler to drive to and from my local shops for less than my monthly net wage...

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http://business.timesonline.co.uk/tol/busi...icle2469491.ece

Looks like its debt in general thats the issue,

Enjoy

SB

Nice to be mentioned in your header - don't shoot the messenger though. Better if your header says something like "Www.carpricecrash.com a US website" rather than reminding people that your last post pointed toward UK houseprice falls when in fact the article referred to US houses.

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When the next boom comes along it will only be enjoyed by the already affluent as banks are never going to want to lend sub prime to anybody ever again.

That would make sense wouldn't it. But I wonder just how long memories will be.....

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