What Bubble? Record $924 Billion In 65 Million Auto Loans: 31% Of All New Loans Are Subprime

from Zero Hedge

And now for something funny.
Earlier today, credit agency Equifax piggybacked on Experian’s auto loan data, and reported the following:

• The total balance of auto loans outstanding in August is $924.2 billion, an all-time high and an increase of 10.8% from same time a year ago
• The total number of auto loans outstanding stands at more than 65 million, a record high and an increase of more than 6% from the same time last year;
• The total number of new loans originated through June is 12.5 million, an increase of 4.9% from same time a year ago

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