Equifax reported that the total number of new loans originated year-to-date through June for subprime borrowers, defined as consumers with Equifax Risk Scores of 640 or lower, is 3.9 million, representing 31.2% of all auto loans originated this year.
Similarly, the total balance of newly originated subprime auto loans is $70.7 billion, an eight-year high and representing 27.8% of the total balance of new auto loans.
Equifax reasons that a record car loan bubble with an 8 year high in subprime origination is “evidence” that there is no bubble.
The car chase field service firms love these “bubble statistics”. This is also great news for field service inspectors.
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