tyb
Auto Repos Piling up striking fearin Banks! Tow Truck Drivers Overwhelmed
The title is a bit fear pron-ish (edited slightly) but this guy (Car Questions Answered) owns a car lot somewhere in the midwest and sells all cars for under $10k and doesn't do financing-so it is certainly the low end of the auto purchase market but important to see how that part of the market is doing at this point.
The reason for posting this is that for the last several months the auctions he attends have had a large % of the autos run through as 'No Sale' meaning it did not meet the reserve price and then kept to be run through at the next weeks auction. What has changed is (and you'll see in this video) is that the bulk of the auction vehicles are repos and the banks are now starting to take anything that they can get because they know it's just going to get a lot worse. The problem was exacerbated by all the dealer markups during the 'rona (stimmy $) where buyers just bought at whatever price and now can't afford the payments. This particular example sez that Wells Fartgo is paying premiums to the p/u drivers (tow trucks) and auction house(s) to get these vehicles into the auctions NOW to get what they can out of them (and the bank will be eating the loss as these will just stack up) as the lot will be filled with many more of the same type of cars and situations (repos) the following week.
https://www.youtube.com/watch?v=gPfnkhLvjn4
From June 2nd, 2023 (and has only gotten worse imo)
For People Under 30, Car Loan Delinquencies Hit A 15-Year High. Is The Economy Running Out Of Gas?
Young adults are struggling to make auto loan payments more now than at any time since the Great Recession, according to a quarterly debt report by the New York Federal Reserve Bank.
Nearly 4.6% of auto loan borrowers under 30 years old are in “serious delinquency,” according to the study. That means they’ve missed at least 90 days of payments. Their delinquency rate in the first quarter is up 1.56 percentage points from a year earlier, boosting it to the highest level since late 2009, when Americans were reeling from the 2008 financial crisis.
Auto loan delinquencies for nearly all age groups went up during the first quarter of 2023. But the increase was far larger among young adults—a group more likely to struggle with debt overall, as they tend to be paid less than older workers and, in many cases, are saddled with student loan debt as well. The report noted that auto and student loan debt had the highest increases in the first quarter of 2023, rising by $10 billion and $9 billion respectively for the quarter.
https://www.forbes.com/advisor/auto-loans/car-loan-late-payments/
Overpriced Audi R8
Quarterly Report (1st Qtr 2023) on Bank Trading and Derivatives Activities-JP Moran "jacked to the tits" and retakes the top spot from Goldman Sachs-adding over $10T in OTC derivatives in 90 days
These are severely lagging reports and this is for the 1st Qtr of 2023-JP Moran has added a total of $10.322T of total OTC derivatives from the 4th qtr of 2022 to the first qtr of '23 thus retaking the top spot from Goldman Sachs-who added $3.820T is derivative exposure in the same time period. Shitibank added a total of $8.161T of exposure and finally Bank of ~~America~~ Italy adds a total of $2.915T.
See caps 2 and 3 for Q4 '22 and Q1 '23
Goldman Sachs retains the 'top spot' as far as the least amount of 'assets' backing the largest amount of OTC derivatives $490.8B backing a total of $56,457,937T and they have always been the 'top spot' for that outsized lack of assets backing this huge shit pile this regulator (Office of the Comptroller of the Currency) keeps reporting yet does nothing about.
The #2 guy here is an ex-JP Moran guy-Greg Coleman-Senior Deputy Comptroller for Large Bank Supervision: Mr. Coleman has served a variety of bank supervision roles as an examiner, policy expert, and manager at the OCC, including serving as Examiner-in-Charge of Capital One and E*TRADE. He previously served as director within the Credit and Market Risk division in the Office of the Chief National Bank Examiner and as the lead for the capital markets team at JPMorgan Chase.
https://www.occ.treas.gov/about/who-we-are/leadership/bio-greg-coleman.html
Cap #2 page 17
https://www.occ.gov/publications-and-resources/publications/quarterly-report-on-bank-trading-and-derivatives-activities/files/pub-derivatives-quarterly-qtr1-2023.pdf
Cap#3 page 18
https://www.occ.gov/publications-and-resources/publications/quarterly-report-on-bank-trading-and-derivatives-activities/files/pub-derivatives-quarterly-qtr4-2022.pdf
I'll have the precious metals changes later tonight or tomorrow morning however since the start of last year Gold was transferred back in to the Precious Metals bucket (from FOREX) so it makes it really difficult to see just exactly what is going on there but I can tell you that there was a total of around $90B increase in OTC derivatives for precious metals in the same time frame Q4 '22 to Q1 '23
Look at the tiop four as they control the bulk of the derivatives trading and exposure….after #4 Bank of ~~America~~ Italy..it drops off quite substantially-cap #4
>>19034598 pb
AF2 C-40B and SAM2A departed Los Angeles after arriving earlier
95-3058 USAFSOC 'Special Ops ' C146 Wolfhound departed Durango, CO after a ground stop-inbound from Reno Int'l earlier
Mexi AF FAM5210 Super King Air heading to Juarez where Mexi Po-Po- XCOPF 727 departed from a few hours ago