this ain't livin': Are You Ready for the Next Subprime Lending Crisis?

Like the subprime housing crisis, the subprime auto industry highlights some uncomfortable truths about life in the United States. Most borrowers have poor credit, especially those seeking used cars (because people with higher credit scores tend to have correspondingly more money to spend and can afford to buy a new car). They need their cars for mobility, to get to work, to carry their families around, to perform other tasks of daily living, and they rely on credit to help them buy new or used vehicles. However, the provision of cheap credit carries a huge financial risk for the economy as a whole; as a utilitarian, I have to argue against the ready availability of cheap credit in the US because of the huge risks.