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worst used car market in the past 15 years? subprime auto lenders next to melt down?
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_A/threadv...
After 40 years as a used car dealer I can say that this is the worst market I have seen in maybe the past 15 years. CACC has "dealer partners" they buy paper from and CACC has little real downside exposure other than the price of money.
HSBC and WF are at the top of my short list. The number of repo's we are seeing at the auctions are alarming! Not just the number of cars but the CONDITION is downright scary. Many of these units are selling for a yard behind rough.... As to our reposessions, the condition is just deplorable; no maintenance to speak of; filthy condition and rife with electrical problems due to unproperly installed stereo's.
Keep in mind folks that the shorts have largely worked their way through subprime mortgage stocks. Subprime auto lenders are next and frankly, I see a melt down.
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