GoLocalProv | Wall Street Bet Big on Used-Car Loans for Years Now a Crisis May Be Looming golocalprov.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from golocalprov.com Daily Mail and Mail on Sunday newspapers.
The used-car market’s hot streak may be ending as borrowers struggle to make payments and regulators say some auto lenders are “setting up consumers to fail.”
Southfield-based Credit Acceptance Corp., one of the biggest subprime U.S. auto lenders, reported its second quarter net income fell 79% from a year earlier as company collected less than it expected from borrowers and saw "below-average" loan prepayment rates cut into its cash flow.
Net income…