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

Here we go again.

We first introduced readers to the “New Century of auto finance” (aka “Santander Consumer USA”) several years ago when we first took note of one of their aggressive auto ABS facilities which sported an average FICO of 595, LTV of 110%, APR of 16.2% and a term of 70 months…but don’t worry too much because they verified income on at least 8% of the loans in that pool.”

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

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