It’s a good time to be a repo man. . . again.
Lots of business picking up used cars people’ve stopped making payments on.
According to S&P Global Ratings and an article in Bloomberg News, defaults on these subprime loans are at their highest water mark since the subprime collapse of 2008 and the “recovery rate” – what the lender ends up recouping of the original debt principle – is a mere 34.8 percent.
It’s a lot money flushed.
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