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Anyone else getting deja vu? It feels like this is exactly the same thing we've been through before, but with cars instead of houses.
It’s almost like sub prime loans are a bad idea for everyone.
Not really, a higher default risk has to pay a higher return because of higher defaults. It's priced in.
Sure, and why wouldn't they assume higher risk? The government will just bail them out if they lose those bets.
And then they default, and the loan holder is surprise pikachu face because who could have ever anticipated a subprime loan defaulting. Or worse who could have ever anticipated many of them doing it when the economy takes a minor downturn? It’s a gamble that they aren’t required to prepare for, and then they turn and stick their hand out for a bailout once the inevitable happens
Cars and commercial real estate.
Won't someone please think of the banks?!
[gestures at everything]
HO BOI WAIT’LL YOU FIND OUT ABOUT NISSAN FINANCIAL’S BULLSHIT
lenders are “setting up consumers to fail.”
No way! They wouldn't do that! Oh no, they certainly wouldn't structure their entire empire around intentionally seeking out those who won't be able to pay off their loan, repo their car to "sell" it to the next person they pray on and repeat the whole cycle again! Never!