WOLF STREET REPORTWOLF STREET STOREBeer, Wine, & FoodBrick and MortarCalifornia Daydreamin’CanadaCars, Trucks & CrashesCentral BanksChinaCommercial PropertyCompanies & MarketsConsumersCredit BubbleCryptosDebtor NationEnergyEurope’s DilemmasGold & SilverFederal ReserveHousing Bubble 2Inflation & DevaluationInformation AgeJobsTradeTransportationWall St. Shenanigans Santander Consumer USA, one of the largest subprime auto lenders and the largest securitizer of subprime auto loans, is not alone. But it’s on the forefront. It had $26.3 billion of subprime auto loans as of June 30 that it either owned and carried on its books or that it had packaged into subprime-auto-loan backed securities and sold to investors; in terms of the loans that it collects payments on, 14.5% of the borrowers were delinquent, according to S&P Global Ratings, cited by Bloomberg. In the industry overall, subprime auto loans that have been packaged into asset-backed securities (ABS) are experiencing the highest delinquency rates in two decades, according to Fitch, which rates these securities. The 60-day delinquency rate surged to 5.93% in August, substantially higher than during the pe...