Auto Loan Bubble Bursting, And Lenders Know Where Your Car Is At All Times

The story of the Car Loan subprime lending epidemic is nothing new (one of many, student loans etc). Zerohedge has been writing about it for years, with the financial MSM catching on not too long ago. Even John Oliver had a segment about it on his popular show, Last Week Tonight. The new subprime lending epidemic, in the $1.1 Trillion market, which the experts tell us is contianed and won't have the same effect as in the previous crisis, is where all it takes to buy a car at a dealership is the ability to fog a mirror. Cracks have been rearing their heads over the last few months, but nothing like we are seeing as of late. According to the latest data, auto loan delinquencies are now atlevels not seen since the last financial crisis.

But don't worry, economists are already coming out of the wood works to tell us that the idea there is an auto loan bubble is "a litte overblown." Good thing economists have a great track record, and CDS contracts exist. But what most people didn't know, especially these buyers, who have credit scores of less than 600 and are driving a new car with little to no money down, is that they have a gps tracker in their new/used car.

About a year ago, a friend who owns a car stereo shop outside of Sacramento told me that almost every single car or truck they work on has a gps tracker in the dash. What was even more disturbing, was when he said some of the cars as old as a 1994 Honda Accord, or a 1991 Toyota Celica, which the owners had just financed from a local dealership, had trackers in them. Up until he told me about the use of trackers, no one had ever mentioned this gps tracking that is being done without the owners consent, or maybe they didn't read the 5 point font fine print when buying their car.

More