Subprime Auto Nation

This is a long read by James Quinn but his article is packed with good points and excellent charts which helps lay out his case that the American Consumer is in rough shape no matter how much the government tries to prop people up.

I have often wondered how auto sales have been able to continue to climb with so many people still out of work and income levels falling?  Part of the answer lies in the ability to get a loan at any costs which is one of the points that Quinn lays out in the increased level of subprime auto borrowers.

A vehicle is usually the last payment to be missed as getting to a job if you are fortunate enough to have one is one of essential importance rather than a luxury.  However the type of car that a person drives may not be related to what they can actually afford.

Full article here