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Hey there, fellow Rebel Capitals! Hope you’re all doing well. I’ve got some shocking news about the subprime auto loan industry that you need to know about. It’s time to brace yourself because things are getting serious. Let’s dive right into it.
Section 1: The Current State of the Industry
Head over to Zero Hedge and check out this story: “Another One Fails: Subprime Auto Dealership Hit with Unprecedented Changes Due to Auto Retail Landscape.” This dealership, Off Lease Only in South Florida, filed for Chapter 11, citing elevated used car prices and soaring interest rates that have worsened conditions in the automotive retail market.
Section 2: Soaring Interest Rates
Interest rates on used cars are now back to levels seen during the Great Financial Crisis, but this time, they’ve doubled. For subprime borrowers, this means interest rates might have gone from 6% to 20% or even higher, resembling credit card rates.
Section 3: The Larger Problem
This is a symptom of a larger problem. With prices rising and purchasing power shrinking, many consumers, even those with mid to low incomes, are struggling to afford their car payments. It’s a tough situation, and it’s a sign of the times.
Conclusion:
So, keep an eye on these developments, and if you want to stay updated on the most important news stories, check out the playlist for more. Stand up for freedom, liberty, and free market capitalism.
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