USA Today reported on the growing number of subprime auto loans being made in the United States. Such loans are made to high-risk borrowers with poor credit scores. According to USA Today:
- Since 2009 the number of auto loans made to high risk borrowers with credit scores below 660 has doubled.
- In the past year the repossession rate for automobiles has increased by 70%.
- The amount of interest paid by consumers for auto loans is staggering. For those purchasing automobiles on credit in 2009, an aggregate interest of nearly $26 billion will be paid on those loans.
- In most states more than one half of the consumers have some form of subprime credit.