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More people have bad credit now than before the recession.
Also, rates are different between subprime and prime borrowers. So figure out how much more GM finance is making off subprime borrowers versus how much their defaults are costing. It's only bad for GM if the net is a negative number. That's how all financing works, btw, not just for subprime borrowers.
I really dislike these articles that only show one side of the equation. The reason why GM is seeing such growth could just be because more people are buying more cars and/or buying more GM cars, but the author never provided the context so we just don't know.
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