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Trouble for auto lenders as prices fall - Height Securities

Dec. 06, 2016 10:33 AM ETAlly Financial Inc. (ALLY) StockCOF, CACC, ALLY, SCBy: Stephen Alpher, SA News Editor
  • Those most at risk are subprime-focused lenders, says Height Securites' Edwin Groshans, noting a FRBNY report showing auto loans continuing to grow and subprime delinquencies pointing to signs of distress.
  • The National Auto Dealers Association November update showed continuing acceleration in used car price depreciation.
  • Ally Financial (ALLY flat), for one, has been increasing subprime loans held on its balance sheet, and reported a Q3 increase in net charge-offs due in part to lower recovery rates on repossessed autos.
  • Others of note: Credit Acceptance (CACC -0.5%), Santander Consumer (SC -0.6%), Capital One (COF -0.6%)
  • Source: Bloomberg

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