Two auto lenders.
Same dealers. Same borrowers. Same credit profiles.
One is scaling. The other is tightening originations. The difference isn’t credit performance. It’s capital.
What’s happening in subprime auto right now isn’t a gradual deterioration, it’s a structural separation between platforms that control their access to capital and those that depend on it.
That distinction is starting to show up in funding costs, growth rates, and ultimately, outcomes.
By the time it’s obvious in the data, it’s already too late.