PrimaLend Capital Partners filed for bankruptcy after months of negotiations with creditors following missed interest payments on its debt, the latest sign of stress in a pocket of the US economy catering to low-income consumers. The company, which provides financing to “buy here, pay here” auto dealerships focused on subprime borrowers, in a press release said it was pursuing a …
Read More »The recent collapse of subprime auto-lenders Tricolor Holdings and debt-heavy auto-parts company First Brands has raised questions about the health of the credit market. JPMorgan’s CEO Jamie Dimon voiced caution over the high-profile crack-ups, saying his “antenna” is up. “When you see one cockroach, there’s probably more,” Dimon said on the bank’s third-quarter earnings call with analysts. JPMorgan had no …
Read More »[flagged] The AI bubble is 17 times the size of the dot-com frenzy and four times subprime Hacker News The AI bubble is 17 times the size of the dot-com frenzy – and four times subprime, this analyst argues Morningstar The bubble in people searching for ‘AI bubble’ has burst — what that means for the stocks CNBC Why Fears of a Trillion-Dollar …
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Several analysts are sounding alarms about the artificial intelligence industry being a major financial bubble that could potentially tip the global economy into a severe recession. MarketWatch reported on Friday that the MacroStrategy Partnership, an independent research firm, has published a new note claiming that the bubble generated by AI is now 17 times larger than the dot-com bubble in …
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Facebook Tweet Email Link Tricolor, a major subprime auto lender specializing in buyers without social security numbers or credit histories, is going out of business. The company filed for bankruptcy on Wednesday. Most companies that file for bankruptcy intend to stay in business. But Tricolor does not – it plans to liquidate. Tricolor has not been available for comment. Tricolor’s …
Read More »Subprime Auto Lender Collapse Delivers Blow to Risky Debt Market Bloomberg.com Federal Prosecutors Looking Into Fraud Allegations at Tricolor Bloomberg.com Car lender’s failure hints at what’s under the hood in private credit Financial Times D-FW auto lender, dealer files for bankruptcy amid fraud allegations from major bank Dallas News Fifth Third to Incur $170-$200M Charge in Q3 on Loan Fraud Exposure Yahoo Finance Source link
Read More »Subprime Auto Lender Tricolor Files for Bankruptcy Bloomberg Exclusive: Tricolor Auto is filing for bankruptcy, sources say Car Dealership Guy News Tricolor Auto may file for bankruptcy, sources say Auto Finance News Tricolor Auto said to furlough employees, shutter operations Auto Finance News Tricolor Auto suspends operations, places majority of workforce on temporary leave Car Dealership Guy News Source link
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