We just got some data on auto lending, and it's setting off alarm bells
Gopal Chitrakar/Reuters
The default rate for auto loans in oil producing regions in the US have been jumping, while hedge fund honcho Jim Chanos has said the auto lending market should "scare the heck out of everybody."
Even John Oliver has taken to the airwaves to highlight the ways some used-car dealerships take advantage of people.
In a presentation on Monday at the Barclays Financial Services Conference, Gordon Smith, chief executive for consumer & community banking at JPMorgan, set out some eye-opening statistics on the market.
Now, to be clear, JPMorgan decided back in 2013 to pretty much pull out of auto lending to subprime borrowers - that is car buyers with the worst credit profiles - and the presentation slides are at least in part designed to reassure investors that JPMorgan isn't participating in the loose lending that its competitors might be.
With that said, let's dive in:
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