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The Subprime Auto-Lending Credit Bubble Is Bursting

Tyler Durden's picture


Submitted by Pater Tenebrarum of Acting-Man blog,

Sub-Prime Car Loans See a 'Sudden Jump in Late Payments'

We have commented a few times on the slightly diffuse character of the echo bubble, which has infected a great many nooks and crannies of the economy. One of the areas which has experienced an enormous boom was the sub-prime auto loan sector. It seems however that the party in this sub-sector of the bubble economy is in the process of ending.

According to Bloomberg:

“A three-year lending boom to car buyers with spotty credit that helped push auto sales to a six-year high is starting to show signs of overheating.


The percentage of loans packaged into securities that are more than 30 days late rose 1.43 percentage points to 7.59 percent in the 12 months ended September 30, according to Standard & Poor’s. That’s the highest in at least three years, the data released last week by the New York-based ratings company show.


“We’re at this inflection point,” Amy Martin, an analyst at S&P, said by telephone. “Now that they are opening the lending spigot, it’s only natural that losses are starting to rise.”


Underwriting standards began to decline amid five years of Federal Reserve stimulus that set off a race for higher-yielding assets, spurring a surge in issuance of bonds tied to subprime auto loans. That breathed life into a car-finance business that had contracted in the wake of the credit crisis, attracting new lenders and private-equity firms such as Blackstone Group LP with cheap funding and high margins.


Delinquencies on subprime auto loans are likely to have increased more during the fourth quarter, the holiday period when consumers typically stretch their budgets, according to S&P. That’s poised to increase losses that bondholders will take from defaults on the debt, which stood at 6.92 percent at the end of September after falling to as low as 4.15 percent in 2011, S&P data show.


“Many lenders have told us that their performance in recent years exceeded their expectations,” Martin wrote in a report last month. “We are now hearing that they expect losses to trend upward to more normal levels this year and next.”




Subprime lenders have found cheap funding in the bond market, with $17.6 billion of asset-backed securities tied to subprime auto loans issued last year, more than double the $8 billion sold in 2010, according to Barclays Plc. About $3.6 billion of the securities have been offered this year, according to data compiled by Bloomberg.

(emphasis added)

We wonder of there is any pie Blackstone doesn't have a finger in these days… Anyway, it seems investors in these loans – after enjoying above average returns for a good while – must now brace for growing losses. That 'underwriting standards have declined' is really no surprise – that is what happens when the Federal Reserve prints wagon-loads of money and pressures short term interest rates to zero. In fact, this decline in lending standards was arguably one of the main goals of the policy.


It Always Starts Somewhere …

However, what interests us about this development is mainly this: it shows that the credit bubble is beginning to fray at the edges. Every downturn starts with a seemingly innocuous report about things 'suddenly' and 'unexpectedly' going wrong in a relatively obscure corner of the market. We find ourselves reminded of how sub-prime real estate credit troubles began to show up for the first time in February of 2007, leading to the often repeated mantra that this particular disturbance in the force was 'well contained'.

That is however never how it works – in the end, it is all one big interconnected market. When troubles begin to show up at one end of it, they soon tend to  begin to spread.


repo order

A car repo notice – at least the repo sector can expect a boom now.



Good-bye overpriced SUV piece of junk – it was nice to know ye while it lasted …



One should certainly keep both eyes open henceforth; more anecdotal evidence of this type is likely to emerge in coming months, especially if the Fed continues with its 'QE tapering' course. Once problems become visible in one obscure corner of the low grade credit markets, it is often a warning sign for the entire market and economy.


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Fri, 06/13/2014 - 18:57 | 4855191 Jack Burton
Jack Burton's picture

Bottom line of economic expansion by credit expansion. In the end, the debt and interest must be serviced. In order to service these debts, people need income. To get income, most people must work. Wages are down, jobs are down, full time work is down, job security is down. So then, HOW do we service this debt? Oh, I forget, Nobody Could Have Seen This Coming.


Fri, 06/13/2014 - 19:01 | 4855200 kowalli
kowalli's picture

Wages are down ->people spend less->reduction in business ->jobs are down->Wages are down -> people spend less and so on 


Fri, 06/13/2014 - 19:10 | 4855234 Say What Again
Say What Again's picture

If these people had placed the money targeted for their car loan into SPY (and Calls on SPY), they could have paid off their car loan and possibly even bought a used maybach, like all the gansta rappers drive.

Fri, 06/13/2014 - 20:20 | 4855405 Thought Processor
Thought Processor's picture



This is double good for GM right?







Fri, 06/13/2014 - 21:08 | 4855514 gh0atrider
gh0atrider's picture

"I HATE normal people"

~best quote from Repo Man

Fri, 06/13/2014 - 21:42 | 4855598 Ignatius
Ignatius's picture

"Normal people spend their lives avoiding tense situations.  Repo Man spends his life getting in to tense situatons!"

Fri, 06/13/2014 - 21:56 | 4855643 max2205
max2205's picture

Walk away special.....cheaper than .....oh fuck it

Fri, 06/13/2014 - 22:07 | 4855679 Cliff Claven Cheers
Cliff Claven Cheers's picture

As a debt collector I loves me a good economic downturn.

Fri, 06/13/2014 - 22:09 | 4855683 NoDebt
NoDebt's picture

You have a bright future ahead of you in that case, Cliff.

Fri, 06/13/2014 - 22:42 | 4855711 Cliff Claven Cheers
Cliff Claven Cheers's picture


Sat, 06/14/2014 - 10:19 | 4856407 Chief Kessler
Chief Kessler's picture

Being a repo-man is intense

Fri, 06/13/2014 - 22:26 | 4855727 NuckingFuts
NuckingFuts's picture

UFO's are really time machine..... I think a lot about this kind of stuff.

Fri, 06/13/2014 - 21:45 | 4855608 stacking12321
stacking12321's picture

that's not even close to the best quote from repo man!

and i think you're off a bit:

"Bud: Look at those assholes, ordinary fucking people. I hate 'em."


my favourite:

"in the end, i blame society! society made me what i am!"

Sat, 06/14/2014 - 11:49 | 4856591 Ariadne
Ariadne's picture

If there's just some way to find out how much the motherfuckers owe, and making them pay.
Jesus Christ, Bud. They're winos. They don't have any money. You think they'd be bums if they did?

Fri, 06/13/2014 - 21:10 | 4855521 NoDebt
NoDebt's picture

"It ain't no joke, if you don't pay that note!"  - Janet Yellen

Fri, 06/13/2014 - 19:09 | 4855233 surf0766
surf0766's picture

Every 3 year old from Guatemala who walked 1000 miles to the boarder will be given free camaro's for life from the Communist Union owned GM where when they become of working age they will be given a life time job making flat grey  cobalt's without steering wheels that work.


Forward !!!!!!!!!!!!

Fri, 06/13/2014 - 20:46 | 4855463 cossack55
cossack55's picture

I thought they just recalled all Camaros.

Fri, 06/13/2014 - 21:27 | 4855555 rosiescenario
rosiescenario's picture

They did, but as part of the government's support GM program, all those cars will be purchased by the Feds and then given away to illegal aliens as they cross the border....of course the fatality rates associated with those cars is just an added bene.

Fri, 06/13/2014 - 21:36 | 4855579 NoDebt
NoDebt's picture

"Every 3 year old from Guatemala who walked 1000 miles to the border"

Great opening line.

Does anyone else smell a bit of a reverse "fast and furious" in this?  That sonofabitch in the White House CAUSED this crisis, on purpose, and years from now, long after it's too late, the truth of it will come out.  If I'm wrong about this I'll eat a new Camaro, bolt by bolt, in a nice 10W30 sauce.

Fri, 06/13/2014 - 18:59 | 4855196 Sticky Wicket
Sticky Wicket's picture

The only solution is to buy more stocks.

Fri, 06/13/2014 - 21:05 | 4855505 Al Huxley
Al Huxley's picture

Good for you, that's the spirit!

Fri, 06/13/2014 - 19:00 | 4855199 NOTaREALmerican
NOTaREALmerican's picture

Lots and lots of high-end automotive bling in Sacramento Ca.     People are really hurtin' bad here. 

Fri, 06/13/2014 - 19:19 | 4855257 surf0766
surf0766's picture

When is Kalifornia become part of Mexico?  I can't wait.

Fri, 06/13/2014 - 19:32 | 4855288 NOTaREALmerican
NOTaREALmerican's picture

It might become part of China or Malaysia first.  

Fri, 06/13/2014 - 20:02 | 4855365 Bunga Bunga
Bunga Bunga's picture

I guess the collateral already migrates south.

Fri, 06/13/2014 - 21:25 | 4855552 rosiescenario
rosiescenario's picture

As a Kalifornian, that would be far better than being still connected to D.C.

Sat, 06/14/2014 - 12:40 | 4856700 Bollixed
Bollixed's picture

You're the fuckers that keep sending Pelosi to DC. You're a major cause of what's wrong inside the beltway.

Fri, 06/13/2014 - 19:01 | 4855201 Carpenter1
Carpenter1's picture

Bubbles are blowing up everywhere, and politicians/bankers are in full time cover up mode. They will continue to buy every burst bubble until their fiat becomes worthless.

Fri, 06/13/2014 - 19:04 | 4855214 RhoneGSM
RhoneGSM's picture

REPO MAN was hysterical. Highly recommended.

Fri, 06/13/2014 - 19:12 | 4855240 Row Well Number 41
Row Well Number 41's picture

One of my favorite movies, and definatly my favorite sound track, it just gets better with age.


Fri, 06/13/2014 - 19:37 | 4855301 Cugel
Cugel's picture

I blame society.

Fri, 06/13/2014 - 20:00 | 4855356 Hobo Sapien
Hobo Sapien's picture

The more ya drive, the less intelligent ya are.

Fri, 06/13/2014 - 20:51 | 4855472 mrpxsytin
mrpxsytin's picture

I was m talking with an accountant of a large logistics company. He said that the truck drivers were little better than apes. Hence why modern couriers and truck drivers are under constant direction by their GPS nannies.

Fri, 06/13/2014 - 22:56 | 4855776 Hobo Sapien
Hobo Sapien's picture

=) We're trading quotes from Repo Man - SEE IT if you haven't.

re: truck drivers - I've known & dealt with both extremes and, yeah, many of them are apes, like that chimpanzee that chewed a lady's face off, the 911 call is on YT but I can't recommend it. A friend of mine, smart fellow, went through the training a year ago, scored so well that they hired him as a trainer right off the bat. He goes along with new trainees on their first runs. Boy does he have some stories.. Sounds like a lot of psychos in that business, and not just the drivers, yard bosses too.

Sat, 06/14/2014 - 03:26 | 4856047 HungrySeagull
HungrySeagull's picture

Shove it.

Satellite communications allow for tracking of high dollar million plus loads out of Mckesson of Memphis to distribution for hospitals and surgery centers of narcotics, controlled and schedule drugs of all kinds that keep you alive.

There are some truckers who are too stupid to do the job, others are too sexually full of themselves and are carriers of STD's

Others are not that bad drivers but only last 90 days before they are replaced.

There are a few like me who have been in this long enough (<30 years) to matter. We. Are. Not. Apes.

Truck payments several thousands dollars a month, Fuel payments three times that amount. Cargo revenue twice that amount each month.

Way better than hairy apes.

Sat, 06/14/2014 - 11:25 | 4856525 MachoMan
MachoMan's picture

One of my favorite jobs was working part time for a trucking company...  I did mostly desk work and a smidgen of dock work.  The truckers would come in and tell stories that I would have paid to hear...  from vietnam stories to escapades in the whorehouse, few ended without a chuckle.  One guy would always come in and tell me that "we're going to start a mobile whorehouse and put it in the trailer; I'll drive it around and you handle dispatch and the books.  We'll drive it to all the local factories on payday."  I hope he went through with it, he'd probably be retired by now.

But yes, most of them are apes...  There were no women working there, as I suspect they all retired from their sexual harassment lawsuits.  It was basically a frat party every day.  As soon as the boss left of an evening, there were dock races, prank calls, you name it.  Good times.

Fri, 06/13/2014 - 21:07 | 4855510 insanelysane
insanelysane's picture

I ain't going to be no repo man!

You already are kid, you already are.

Fri, 06/13/2014 - 19:05 | 4855216 kchrisc
kchrisc's picture

A client of mine does "collections" and I warned him when he crowed a few years ago about how much money he was making that the next time would be different. He contemptuously told me "We can always make them pay." To which I responded that the next time their would be nothing to "collect" from them.

He asked me about that conversation yesterday. Wanted to know "exactly" what I meant by "different."

I have an idea that more and more people are just telling him and his "collectors" to get bent or, "You can't get blood from a stone."

One of his employees told me that they "bought" a bunch of debt, a "bet the firm" amount, and it is not "performing" very well. Much lower "collection" rates than previously.


"This time IS different."

Fri, 06/13/2014 - 20:18 | 4855399 Yes_Questions
Yes_Questions's picture



and default brings inquiring minds to the fact collectors can go fuck themselves.


especially on amounts not secured or part of a .Gov Garanteed Student loan.


There are rules and they must be followed.  


Fri, 06/13/2014 - 21:53 | 4855634 BlackChicken
BlackChicken's picture

Just tell the 'collectors' they need to verify the debt before you can speak to them or answer their letters. They will freak out and probably break several aspects of the FDCPA, then you can sue them, and they turn it over to another collector. Rinse, repeat...

Sat, 06/14/2014 - 09:33 | 4856331 corporatewhore
corporatewhore's picture

fyi--the legal term is "validate" not verify.  

Sat, 06/14/2014 - 11:28 | 4856533 MachoMan
MachoMan's picture

Yes, but the collection process will only be streamlined in the future...  it's the same thing that's happened with tax sales here, less time to contest, less time to redeem, etc.

Fri, 06/13/2014 - 19:06 | 4855219 surf0766
surf0766's picture

Das Racist

Fri, 06/13/2014 - 19:07 | 4855222 Salt
Salt's picture

I can see it now, many trees falling on delinquent loans. Don't worry banks, you're in good hands with...

Fri, 06/13/2014 - 19:08 | 4855229 starman
starman's picture

Repo man shows here we come again.

Fri, 06/13/2014 - 19:12 | 4855241 Kassandra
Kassandra's picture

Sorta explains seeing a lot of people who don't look like they have two nickles to rub together driving new or almost new high end cars. Been looking for a new rig as we just about can't cobble much together anymore on the old one. Not sure what to do.

Fri, 06/13/2014 - 19:15 | 4855249 oooBooo
oooBooo's picture

Buy a repo'd vehicle at auction.


Fri, 06/13/2014 - 21:28 | 4855560 NidStyles
NidStyles's picture

Buy a 10 year old Honda for $2K and worry about something else?

Fri, 06/13/2014 - 21:58 | 4855647 stacking12321
stacking12321's picture

i've never bought a new car, and lately starting to indulge in thinking about it.

but, every time i do, i think, buy a new car, or get another 1000 oz of silver?

silver wins every time.


Fri, 06/13/2014 - 19:14 | 4855244 Yen Cross
Yen Cross's picture

    If you take my wheels, I won't be able to get my welfare check, and my "Ba,daby,Dad" will pimp my ass on the rickshaw again.

    Public Skools?


Fri, 06/13/2014 - 19:14 | 4855246 limacon
limacon's picture

Are they going to repossess the unsold  new cars ?

Evanescence of Cars .



Andre Willers .

18 May 2014


More cars are being produced than sold . Over the last 9 years about 25 million more . Where are they ? Who pays ?


Discussion :

0 . Humans are not only abandoning their cities before occupation (see )

But they are abandoning their mobile dwellings (cars) before being able to own then . Not by choice though . Living in your car (ie a nomad) is nearly bottom of the list of choices for a city dweller .


Essentially , the capitalist owners are telling more than 90 % of the population that they have no fixed abode , or even a nomadic abode .

And these guys  expect to survive this ? They should go and see what happened in previous instances .

Gotterdammerung .


As discussed in Evanescence of Cities , the owners should just sell the cars at $1 .

They will recoup capital expenses in spares and services . Also intact throats .

This is a very dangerous game they are playing by denying any home , city or nomadic to the majority of the population in a high-tech environment .

Just look at history .


“Grasping all , they lose all”



1.This question was raised in ZeroHedge , where somebody had noticed enormous stockpiles of new cars . See appendix A


2.The only way to be sure is to look at production vs sales .

Then we notice a steady build up of about 2.77 million vehicles per year for the last 9 years .

3.The production figures were easy to get , but the sales figures were made deliberately hard to obtain .


4.The figures :

Sales from

Production from

5. Summary of the global figures

(to the nearest million)

Year  Prod  Sales  Diff


2005  66     64       2 

2006  69     66       3

2007  73     70       3

2008  70     66       4

2009  62     64       -2

2010  78     73       5

2011  80     77       3

2012  84     81       3

2013  88     84       4

Total of unsold cars over last 9 years = 25 million . (about 2.77 million a year)

Note that the only year they sold more than produced was with the inventory demand after the 2008 crash .


6. Parking needed :

According to

A car needs 2.4 x 4.8 square meters parking , excluding access .

For 25 million cars you will need at least 2.4 x 4.8 x 25x10^6 ~ 288 million square meters .

This is 288 square km , or 111 square miles .

Access roads are needed .


7. A nice little optimization problem :

What is best way to park 25 million vehicles using least access resources (hint : you are not restricted to 2 dimensions)


8. So what happens now ?

See what happened to conglomerates in the 1960-1970’s . They were eaten alive by inventory build-up , then by corporate raiders .

See “The Goal” by Goldratt .  (


9.Enormous opportunity :

These bloated motor companies , bailed out by the public purse , are sitting on enormous assets of parked cars and vehicles .


Buy the whole Company for cents on the dollar , then flog off the hardware at a suitable discount (at least 90%)  and still make a profit .

And be a social hero , preventing a real revolution . (You know , the one with real blood and tumbling heads) .


Vroom ! Vroom !





Appendix A



Houston...We have a problem!...Nobody is buying brand new cars anymore!  Well they are, but not on the scale they once were.  Millions of brand new unsold cars are just sitting redundant on runways and car parks around the world.  There, they stay, slowly deteriorating without being maintained.

Below is an image of a massive car park at Swindon, United Kingdom, with thousands upon thousands of unsold cars just sitting there with not a buyer in sight. The car manufacturers have to buy more and more land just to park their cars as they perpetually roll off the production line.

There is proof that the worlds recession is still biting and wont let go.  All around the world there are huge stockpiles of unsold cars and they are being added to every day.  They have run out of space to park all of these brand new unsold cars and are having to buy acres and acres of land to store them.


The images on this webpage showing all of these unsold cars are just a very small portion of those around the world.  There are literally thousands of these "car parks" rammed full of unsold cars in practically every country on the planet.  Just in case you were wondering, these images have not been Photoshopped, they are the real deal!


Fri, 06/13/2014 - 19:34 | 4855294 TBT or not TBT
TBT or not TBT's picture

GM is alive and Al Queada is dead.  Right?  Hey, could ya turn down the damn crickets!

Fri, 06/13/2014 - 20:49 | 4855470 JuliaS
JuliaS's picture

A friend of mine bought a brand new Chrysler 300 for $900. Never been driven. The dealer had one of'em channel stuffed lots and had to start getting rid of the cars eventually because the lease on the land was expiring and he had nowhere to put the vehicles.

Sat, 06/14/2014 - 13:49 | 4856850 JPM Hater001
JPM Hater001's picture

Let me take that hook out for you...this is going to hurt...

Fri, 06/13/2014 - 22:36 | 4855744 Davilis
Davilis's picture

If you sell something without reporting it, you don't need to pay taxes.  Think about that.

Fri, 06/13/2014 - 19:18 | 4855256 Never One Roach
Never One Roach's picture

Hard for folks to resist those "No credit check, no money down, no interest payment, 5 year car loans."

Since the loan creators know they will be bailed out [like housing, stdent loans, etc] it is a no lose game for them. No skin off their back. As for the car opwners, they can simply walk away and grab another "No credit check" car loan down the street.

Unlimited Free Shit generates Unlimited Demand.


The FSA is the faster growing sub-group in Merika.

Fri, 06/13/2014 - 19:20 | 4855260 buzzsaw99
buzzsaw99's picture

Austin caught me in the first act, it's all backwards, what's with that? So I'll make a prophesy from the dogs to the mini-me. Gimme an escalay to two-way bling-bling on eBay... [/DR. EVIL]

Fri, 06/13/2014 - 19:27 | 4855278 Yen Cross
Yen Cross's picture

       Buzz get's it :-D

Fri, 06/13/2014 - 19:25 | 4855268 DirkDiggler11
DirkDiggler11's picture

There's not a car out there worth me getting shot over while attempting to repo it, especially while the repo men work for banks and predatory leaders.

Speaking of getting shot, in Atlanta even the Waffle House grill cook will bust a cap in your ass if you complain. Shit is getting serious ... To quote Gerald Celente, " when people have noting left to lose, they lose it". Below is a perfect example..

Fri, 06/13/2014 - 19:40 | 4855307 Bunga Bunga
Bunga Bunga's picture

What? I can't use my car as ATM anymore?

Fri, 06/13/2014 - 19:45 | 4855321 Yen Cross
Yen Cross's picture

 You're transportation is NSA fodder. The loan on your "commodity" is an slaves' ride to hell!

  Transportation, is the same as an "cell fone(sic)". Unless it's old school.


Fri, 06/13/2014 - 21:08 | 4855515 WillyGroper
WillyGroper's picture

Kinda thinkin a bit of aluminum screen wire or metallic tape over that antenna may do the trick.

Fri, 06/13/2014 - 19:43 | 4855315 Drop out
Drop out's picture

If all the cars get taken away it will be a good time to start a big "work from home" business.

Speaking if which, my sister earns up to $5,000.00 per week working from home on her computer. It's easy to get yourself started.

Fri, 06/13/2014 - 19:55 | 4855343 monad
Sat, 06/14/2014 - 00:52 | 4855930 Otto Zitte
Otto Zitte's picture


I am the steward of my dead friends' confidence.

They did it right.

Fri, 06/13/2014 - 20:00 | 4855358 jal
jal's picture

For years blowing up new cars and trucks was done in the near east, far east, med. everywhere.

Hell.... when you have too much inventory ... encourage a war. 

Fri, 06/13/2014 - 20:06 | 4855370 kurt
kurt's picture

Next thing you're gonna tell me is payday loan centers are shutting down and Rent-a-Center is closing store fronts, pawn shops are closing down, thrift stores are shuttering, and street people are returning shopping carts and there are no more cash for "scrap" gold. 

You gotta love those Scrap Gold fuckers, I know I do! Oh, sir, would you allow me to pry that scrap gold out of your mouth? "Say, little boy, I'll give you a Deluxe Super Soaker if you bring me your mom's yellow jewelry. But remember this is our secret, OK?"


Fri, 06/13/2014 - 20:03 | 4855371 Cymore Duttz
Cymore Duttz's picture

Speaking if which, my sister earns up to $5,000.00 per week working from home on her computer. It's easy to get yourself started.

Does this involve web cams?


Fri, 06/13/2014 - 20:20 | 4855404 Yen Cross
Yen Cross's picture

 me Cheef-Um "limp DIK".   Need MOAR Pfizer...

Fri, 06/13/2014 - 20:57 | 4855485 Angus McHugepenis
Angus McHugepenis's picture

Fuck, after a brief hiatus I come back and read the ravings of Yen that maniac. Thanks Yen, I know where home really is now.

Hope you and yours are well Yen.

Fri, 06/13/2014 - 20:27 | 4855408 Atomizer
Atomizer's picture

Skype us a link so we can see your sisters tits.


Fri, 06/13/2014 - 20:30 | 4855429 Yen Cross
Yen Cross's picture

lol. I like perky!

Fri, 06/13/2014 - 23:59 | 4855867 Atomizer
Atomizer's picture

Me too. Those fucking tits that drift below the bellybutton like two filled Santa stockings is unattractive. Just me.

Happy Father’s Day. The Mrs. loves Charleston, SC. Every weekend she springs on a new event. My orders haven't been given to me as of yet. I give her tremendous credit. She has all the fish dock merchants down to a T.  Was at a market last week near General Dynamics, was sick as a dog. She bought up fresh fruits & vegetables.  On a side note, crossing the bridge to Mt Pleasant, SC the first time was terrifying.  Crossing the Golden Gate Bridge is candy land. Take care Yen.


Sat, 06/14/2014 - 03:53 | 4856071 lakecity55
lakecity55's picture

Dude, you crossed the T-Rav white line fever bridge. Those were giant lines of coke, not lane markers you saw!

T-Rav is getting suited up to contest Miss Lindsey! He will run an independent campaign since the little lady won the primary (by supplying money to some shill candidates!)

T-Rav hints at run:

Sat, 06/14/2014 - 14:32 | 4856945 Atomizer
Atomizer's picture


Don’t overwhelm me. We have four properties in Ohio, Three properties in SC and two in Florida. I believe you, it just becomes hard to manage all three lying political policies in the above mentioned states. I stick to my core knowledge and post on ZH. As long as Mrs. Atomizer is happy, I’m happy. Winks. Thanks for the link Newman. snickers.

Fri, 06/13/2014 - 20:22 | 4855412 Drop out
Drop out's picture

It depends on what you're wearing. For me, it's just depends.

Fri, 06/13/2014 - 20:52 | 4855475 falconflight
falconflight's picture

Wearing Depends? or it just depends?

Fri, 06/13/2014 - 20:20 | 4855401 Atomizer
Atomizer's picture

Repo man sound track.

Black Flag-TV Party <- Iraq neutered on social media communications as of early this morning. Fuck the channel stuffing auto unions.

Fri, 06/13/2014 - 20:28 | 4855427 Yen Cross
Yen Cross's picture

  Atomizer  That comment about gun racks and off campus antics was fantastic/awesome!  I grew up in a small town and we had our guns in racks in the "High Skool" parking lot!

 No person EVER thought about going native! We were old school "fist fight" after 2'nd period to "sow yer oats".

Fri, 06/13/2014 - 22:01 | 4855600 Atomizer
Atomizer's picture

I drove a 1984 Fiero in my junior year. Thanks to dad. Most of the kids drove SUV’s with gun racks in the car. Guns hung on those gun racks on school property parking lot. I was the yearbook editor. Everyone was instructed to cut class to take photos on the football field. Principal Limey suspended are student parking privileges. It took a couple of days, but we hatched a plan.

We staged a charitable arrest to occur during lunch hour.  Had limey behind bars until the charitable donation was met. That motherfucker was heehawing over the speaker the following morning. He lifted the parking suspension and the pictures landed in the HS yearbook. Tit for tat.


PS. not cuffs, straightjacket arrest. We were obnoxious kids that mellowed out over time.  Food fights were not uncommon in the cafeteria. 80 % of the time, I was the instigator. /LOL

Fri, 06/13/2014 - 21:26 | 4855553 Cugel
Cugel's picture

Let's Have a War!
Jack up the Dow Jones!

Fri, 06/13/2014 - 20:32 | 4855434 Spungo
Spungo's picture

Do you think repo guys are huge supporters of gun control? On one hand, it disarms people you are trying to repo from. On the other, it means you can't carry a gun while doing a repo.

Fri, 06/13/2014 - 23:54 | 4855858 SilverFish
SilverFish's picture

I'd imagine a percentage of people getting their stuff repo'ed don't really concern themselves with the legality of owning a firearm, and as a repo man, I wouldn't either.

Fri, 06/13/2014 - 21:03 | 4855500 insanelysane
insanelysane's picture

I blame it all on society.

Bullshit, you're a white suburban punk like me.

Fri, 06/13/2014 - 21:04 | 4855501 insanelysane
insanelysane's picture

Are you a commie???

I hate commies!  Hate Christians too.

Fri, 06/13/2014 - 21:06 | 4855507 christiangustafson
christiangustafson's picture

Bud: Hey! Hey look at that. Look at those assholes over there.

Bud: Ordinary fucking people I hate 'em.

Otto: Me too.

Bud: What do you know? See an ordinary person spend his life avoiding tense situations. Repoman spends his life getting into tense situations.

Bud: Assholes! Lets go get a drink.

Fri, 06/13/2014 - 21:34 | 4855573 Cugel
Cugel's picture

Life of a repo man is always intense.

Fri, 06/13/2014 - 21:31 | 4855566 rosiescenario
rosiescenario's picture

We shall know the end is actually here when Teslas get re-po'd.

Fri, 06/13/2014 - 22:16 | 4855703 HileTroy
HileTroy's picture



Troy is mostly a lurker but i have time in Grade in Fight Club.  I had to get in on the Repo Man Quotes: I love that movie .


viva la resistance!!  Bitchezz


J. Frank Parnell: Ever been to Utah? Ra-di-a-tion. Yes, indeed. You hear the most outrageous lies about it. Half-baked goggle-box do-gooders telling everybody it's bad for you. Pernicious nonsense. Everybody could stand a hundred chest X-rays a year. They ought to have them, too. When they canceled the project it almost did me in. One day my mind was full to bursting. The next day - nothing. Swept away. But I'll show them. I had a lobotomy in the end.

Fri, 06/13/2014 - 22:28 | 4855732 Davilis
Davilis's picture

" ..expect losses to trend upward to more normal levels ... ".  Yeah, that's going to be a disaster.  No one saw that coming.  Desparate times at ZH.

Sat, 06/14/2014 - 00:17 | 4855898 AdvancingTime
AdvancingTime's picture

These sales have been going on for some time. Nearly 85% of new-car buyers in the second quarter of 2013 signed up for a loan or lease to fund their purchase, according to data released by credit bureau Experian. That’s the highest level since it began tracking the sector in 2006.

That means that these consumers will not have any money to purchase other goods. They also could have problems with the low payments promised going higher if they miss or have a late payment. Plus, there may be charges in the way of loan origination fees. As expected it is catching up with them. More on this subject in the article below.

Sat, 06/14/2014 - 02:37 | 4856011 kareninca
kareninca's picture

If you love "Repo Man," you will also love "O Lucky Man" (1973, British, starring Malcolm McDowell)

from the soundtrack:

If you have a friend on whom you think you can rely
You are a lucky man
If you've found the reason to live on and not to die
You are a lucky man
Preachers and poets and scholars don't know it
Temples and statues and steeples won't show it
If you've got the secret just try not to blow it
Stay a lucky man! A lucky man!

If you've found the meaning of the truth in this old world
You are a lucky man
If knowledge hangs around your neck like pearls instead of chains
You are a lucky man
Takers and fakers and talkers won't tell you
Teachers and preachers will just buy and sell you
When no one can tempt you with heaven or hell
You'll be a lucky man

Sat, 06/14/2014 - 04:02 | 4856081 cpzimmon
cpzimmon's picture

That's good.

Sat, 06/14/2014 - 04:45 | 4856098 kareninca
kareninca's picture

In the movie, when the kid goes out in the world to seek his fortune, an elderly tailor who is staying in the room next door at the flophouse gives him a golden suit and some advice  -

"Try not to die like a dog."

Sat, 06/14/2014 - 03:23 | 4856042 Baby Eating Dingo22
Baby Eating Dingo22's picture

Illegals in my part drive $40,000 dollar F-150s

l just figured maybe I'm doing the wrong thing and should enroll in weed whacking school

Sat, 06/14/2014 - 08:01 | 4856216 yogibear
yogibear's picture

Apply for welfare and food stamps. Liviing off the government tit has some benefits. Work for cash otherwise.

Sat, 06/14/2014 - 03:45 | 4856069 lakecity55
lakecity55's picture

Interesting observation: I paid off my car after only a few months.

The bank did not send the title.

I called them and was told uhh, err, we still have it on file, we will mail it today.

I told the old lady I bet they were sitting on it cause it represented collateral in their coffers.

Sat, 06/14/2014 - 04:06 | 4856084 HungrySeagull
HungrySeagull's picture

I paid off my money pit with the proceeds of my home sale.

I am debt free. Anyone care for a 5000 dollar refugee Tahoe which managed to survive the bad old days of clunkers for cars?

I might just hang on to it because it is sooo easy to maintain. Just big parts, bolts, nuts and tools. Not much in the way of computing needed.

Sat, 06/14/2014 - 04:55 | 4856100 kenny500c
kenny500c's picture

Higher gasoline prices will send defaults into overdrive.


Weren't all the "experts" predicting lower gas prices this summer?

Sat, 06/14/2014 - 07:30 | 4856192 young turk
young turk's picture

the hamptons has become a second mexico every wall street estater needs about 20 slaves to operate the place thats why ? got the hell outta there in April Viva mexico

Sat, 06/14/2014 - 07:58 | 4856214 yogibear
yogibear's picture

Park it in the hood and let it get stripped. They can get back what resembled a vehicle. 

Sat, 06/14/2014 - 10:55 | 4856469 MrButtoMcFarty
MrButtoMcFarty's picture

Strip it yourself.

Bag and tag everything.

Leave the stripped chassis somewhere it will be recovered fairly quickly.

Insurance company writes off as total loss.

Have a strawman go buy the chassis at the insurance auction.

With the chassis comes a new title.

Take chassis home and reassemble car from stripped parts you bagged and tagged.

Sell legally on the open market with the new title.

Give 10% to charity.

Sat, 06/14/2014 - 11:20 | 4856505 yogibear
yogibear's picture

Nowadays it's all about who can come up with the more fraudulent scheme.

It the criminal banksters vs the fraudulent small person.

The small people steal thousands, whereas the Wall Street banksters steal billions.

Being honest is the exception in this environment.

Sat, 06/14/2014 - 14:21 | 4856928 morongobill
morongobill's picture

Say hello to your new best buddy that you'll be sharing a cell with for the next few years.

As in getting a set of tits tattooed on your back.


Sat, 06/14/2014 - 09:56 | 4856367 Duude
Duude's picture

Thank you Barney Frank and Chris Dodd for purposely providing the auto lending industry with an exemption to selling crappy subprime loans to an uneducated people all for the sake of the automobile manufacturers of America. Of all auto manufacturers, no company uses this system to cheat and steal like General Motors, who also dumped GMAC lending onto Ally Financing with huge taxpayer supports so GM could begin a fresh start with a new subprime lending machine.

Sat, 06/14/2014 - 13:49 | 4856849 Doofus
Doofus's picture

Every few weeks or so I receive a direct mail piece offering me a loan on my newer model F150 that I hold the title on.  I thought that was strange but now seeing this piece it gives me some perspective.  They're now trying to offer equity lines to people who own their own newer model vehicles.  LMAO.   This shit is gonna end ugg-lee.

Sat, 06/14/2014 - 23:45 | 4857545 honestann
honestann's picture

Seriously... I simply cannot believe that anyone... ANYONE... would buy bundled up loans or securities like this after what has been exposed in the past 6 years.

The only thing I can figure is... these must be purchased by blatant predators assigned to run pension funds or something, and these predators are getting huge, enormous kick-backs for buying obviously fraudulent bundles of fraud like these.

Which would mean... everyone involved is a crook, from the banksters at the top who create these known toxic bundles, to the predators they pay off to buy them for unwitting fools, to the morons who take the loans, knowing nobody in their right mind would ever lend them ten cents, much less 40,000 bucks.

Sun, 06/15/2014 - 09:12 | 4858246 mendolover
mendolover's picture

Bullish for Uber Car.  No pay, no drive.  They turn that shit off from the dealer.

Tue, 06/17/2014 - 09:55 | 4864734 willyrave
willyrave's picture

The car loan is not the only thing which is worth attention. Car owners should also purchase car insurance. Car insurance is very helpful in wide range of situations. But there are still cases when contributions to the insurance company make a drain on the wallet. You may never need the cover because no any accidents happen. And if any small repair is required you can get an emergency personal loan online   which may cost much less then insurance policy.


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