Among subprime borrowers, looks like 60-day delinquency rate is now *higher* than in the Great Recession.
https://www.axios.com/2023/03/01/low-income-households-are-falling-behind-on-car-bills
Car shortage drove up used and new car prices, inflation stressed budgets, pandemic assistance and expense deferrals went away. Subprime auto loan performance is a good indicator of the financial condition of lower income households, and it isn’t indicating “good”. Fortunately the job market is still pretty hot. When it’s not . . .