美国次级车贷违约率创历史新高，高车价和高利率推高负担

Core Insights - The default rate on auto loans for subprime borrowers in the U.S. has reached a historic high of 6.65%, the highest level since records began in 1994, driven by ongoing inflation and the resumption of student loan repayments [1] - The proportion of consumers with the worst credit ratings has increased to 14.4%, the highest since 2019, indicating a growing number of subprime borrowers [2] Group 1: Financial Strain on Subprime Borrowers - Subprime borrowers, defined as those with poor credit ratings, are facing heightened financial pressure, with many struggling to make monthly payments due to rising costs [1] - Economic indicators show a slowdown in hiring and reduced labor demand, contributing to difficulties in finding stable employment for many borrowers [3] Group 2: Rising Vehicle Prices and Loan Costs - The average price of new cars has surpassed $50,000 for the first time, while over 28% of new car trade-ins in Q3 had negative equity, meaning loan balances exceeded the vehicle's current value [4] - For deep subprime consumers, average new car loan rates are around 16%, and used car loan rates are approximately 21.6%, significantly increasing their financial burden [4]