It is the 20th of August 2017

News

Carmageddon: Ford & GM Sales Tank Despite Record July Incentive Spending

It was hard to find a bright spot for auto investors in July's auto sales figures released earlier today with GM down 15% YoY, Ford off 7% and Chrysler down 11%.

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Crude Crashes, Bonds Bid, & Trannies Turmoil But VIX Vanquished To 9 Handle Again

With oil crashing, 'hard' economic data slumping, political chaos ahead of the debt ceiling debacle, and The Fed about to embark on something no central bank has ever done (let alone done successfully), it should be no surprise that earnings expectations are being ramped exponentially higher and The Dow (thanks in large part to Boeing recently) has exploded near 22,000 today for the first time ever making yet another new record high...

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'Detroit 3' June Auto Sales Crash 6% YoY...Just Enough To Spark A Massive Equity Buying Binge

It seems that "Big 3" auto sales for the month of June managed to hit a sweet spot whereby they were down just enough year-over-year to spark a massive equity buying binge on a shortened holiday trading session.  GM, Ford and Chrysler posted YoY sales declines of 6% on average, which was less negative than expected, so positive (negative x negative = positive...it's just math).

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Biggest Subprime Auto Lender Skipped Income Verification On 92% Of Auto Loans

We first introduced readers to the "New Century of auto finance" (aka "Santander Consumer USA") several years ago when we first took note of their aggressive auto ABS facilities.  In fact, here is a quick look at one of their ABS deals from 2015 which sported an average FICO of 595, LTV of 110%, APR of 16.2% and a term of 70 months. 

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