With more than $1 trillion in loans outstanding, the auto loan market is booming. Experian estimates that subprime loans represent $205 billion and $388 billion of that total.
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Reading about what's going on in the subprime auto lending space is a lot like reading about drive-by shootings.
Unless you're a subprime borrower, or live in a neighborhood where drive-bys are happening, you probably don't know much about either - or think they affect you.
But if you listen closely there's muffled financial "gunfire" already in your neighborhood.
And it's much closer to your doorstep than you think.
Harold "Terry" McGraw III, chairman and chief executive of S&P said that companies like Dagong joined up with politicians and other countries to unfairly attack U.S. ratings firms.
"If you're in a populist mood, you've got to find the villain," McGraw told the Financial Times in an interview in Beijing.
McGraw referred to comments made to the Financial Times in July by Guan Jianzhong, the chairman of Dagong.