According to Equifax, an astounding 23.5 percent of all new auto loans were made to subprime borrowers in 2015. At this point, there is a total of somewhere around $200 billion in subprime auto loans floating around out there. Everything would be fine if the number of subprime borrowers not making their payments was extremely low. And that was true for a while, but now delinquency rates and default rates are rising to levels that we haven’t seen since the last recession. According to Bloomberg, almost 5% of subprime car loans that were bundled into securities and sold to investors are delinquent, and the default rate is even higher than that.
This bad economic news is great news for car chases. Car Chases is the short term for vehicle delinquency interviews. These are NOT repossessions. You are NOT towing cars. They pay about $25 for nearby inspections. Be sure to include some Car Chases in your portfolio of inspections. Check out all of the great SOFI information, marketing and training products at www.sofistore.com. Get connected with the higher quality firms that pay the higher fees.
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