Record number of subprime borrowers miss car loan payments in October, data shows

In October 2023, a record number of subprime borrowers failed to make their car loan payments, highlighting growing financial distress among this demographic. This trend raises concerns about the overall health of the auto loan market and the potential implications for lenders and the economy. The increase in missed payments suggests that many individuals with lower credit scores are struggling to meet their financial obligations, which could lead to further economic challenges if the situation persists.