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The pandemic’s uneven economic fallout is now showing up in car loan payments — especially in their absence.
More than 9% of subprime auto borrowers — those classified as having a higher risk of default — were over 60 days delinquent in the fourth quarter of 2020, according to TransUnion data cited by The Wall Street Journal. That means a lot of people just can’t pay off their car loans right now.
That share is the highest since 2005, just before a wave of mortgage defaults sparked the global financial crisis. Separately, 10.9% of subprime borrowers with details ⇒
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