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Goodbye FICO, Hello FAKE-O

To be sure, the good folks at Santander Consumer and American Credit Acceptance (among others) are doing everything they can possibly do to get underqualified borrowers into used cars even if it means extending terms that will land some of these proud new owners in vehicles they absolutely cannot afford given their financial circumstances. This is all made possible of course by the Wall Street securitization machine which has churned out some $5 billion in subprime auto-backed issuance YTD, with a recent deal from Santander Consumer (DRIVE 2015-A) marking the lender’s return to the frightening world of “deep” subprime. As a reminder, here are two recent ABS deals which epitomize what’s wrong with this industry:
From American Credit Acceptance…

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