Undercover Investigation Exposes Deteriorating Auto Lending Standards…

Read more on this subject: Business/ Commerce
News Story Source: http://www.zerohedge.com, by Tyler Durden
Over the weekend we wrote a note about how the European auto lenders are becoming just about as ridiculously undisciplined as their counterparts in the United States.  Apparently an ever-growing reliance of European millennials on lease financing has auto ABS investors worried about a potential crash in used car prices at some point in the not so distant future…that sound familiar to anyone? 

But a new undercover investigation by the Daily Mail exposes just how "undisciplined" the auto lending market has become in England.  Here are the headlines:

Reckless car loan salesmen exposed: How dealers are luring young drivers into massive debt by offering them new top-brand cars with NO cash up front

Salesman are offering customers cars worth up to £20,000 for no deposit

The deals make the customers pay back hundreds of pounds a month for years

The cars are being offered to those on low wages and with poor credit rating 

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