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The record-breaking $1.3 trillion worth of auto loan debt Americans are collectively shouldering is starting to show some serious cracks. As of late last year, auto loan delinquencies were at an eight-year high, and suspiciously, that was right around the same time the number of rejected auto loan applications jumped. That's despite one of the best -- and best-paying -- job markets on record.To get more news about auto finance news, you can visit shine news official website.

It's anecdotal evidence of a brewing problem likely to be worsened by the coronavirus pandemic. With millions of people newly out of work and countless more adversely affected by the economic slowdown, even more car payments could start to be skipped as incomes and credit scores sink hand in hand.

That puts all lenders on notice, but could prove particularly problematic for Credit Acceptance (NASDAQ:CACC), Santander Consumer USA Holdings (NYSE:SC), and Ally Financial (NYSE:ALLY), each of which relies heavily on auto lending.
A superficial look at the global economy as of last year was encouraging. In retrospect, though, things may not have been as strong as they seemed. The American Bankers Association reported in January that, as of the end of the fourth quarter of last year, 2.43% of auto loan recipients were at least 30 days late on their payments. That's the highest rate since 2011 when most consumers were digging their way out of 2008's economic implosion.

Lenders responded by tightening their purse strings. The New York Federal Reserve noted by the middle of last year that rejection rates for car loan applications had soared, up from 4.5% in October of 2018 to 8.1% as of October of 2019.

Consumers haven't exactly been helping themselves. Automobile market data outfit Edmunds noted that as of March -- for the first time ever -- the average term of a car loan exceeded 70 months. That's 5.8 years, and it makes it likely most loans will be "upside-down" for much of that 70-month stretch, meaning the owner will owe more than the then-used vehicle is worth. They're paying a fortune for those vehicles too, with more than $34,000 typically being financed to buy a new vehicle last month. That's another record that has led to record-breaking average monthly payments.

If all this news rings familiar, there's a reason. Though it's not as dramatic as the real estate frenzy from 2008, the underpinnings of what turned into the subprime mortgage crisis are the same. The COVID-19 outbreak may be what pops the bubble -- if it hasn't already.

Ally is one of those names. To its credit, Ally is providing relief for customers affected by the coronavirus outbreak. Borrowers can defer payments for up to 120 days, and it's waving some banking and stock-trading fees. Still, about 85% of Ally's operating income last year came from car loans, leaving it highly vulnerable to the prospect of a job-taking recession. Bolstering that risk is Ally's recent news that it essentially doubled its loan purchase partnership with automobile sales chain Carvana (NYSE:CVNA). All told, Ally has committed up to $2 billion to help Carvana sell cars by letting the lender take care of those underlying loans.

Ally is hardly the only name that may suddenly be on the hook, however. Santander Consumer USA Holdings is one of the nation's biggest auto lenders as well, and caters to subprime customers (borrowers with less-than-great credit).

Like many lenders did back in 2008, Santander will sometimes package a bundle of auto loans into a single bond-like instrument. When one series of that debt failed to pay its new owners as expected last year, however, the lender was forced to buy back that bundle of poorly performing debt just shortly after it was sold. Debt-rating agency Moody's believes Santander only verified the income for about 3% of the borrowers lumped into that bundled product, which leaves other asset-backed securities based on car loans a bit suspect.

Credit Acceptance is another subprime auto lender, but one with a twist. It's also a collection agency on loans it makes that go unpaid. As of the last quarter of last year, its forecasted collection rate of all money due -- principal, interest, and any associated fees -- was at a 10-year low of 64.8%, after steadily declining from 77.7% in 2010. Total loan volume per dealer as well as partnered-dealer growth were all down during the third fiscal quarter, jibing with CEO Brett Roberts' comment during the Q&A portion of the Q4 conference call: "We've been in a very, very competitive period for a long time, really since late 2011, 2012. It appears that the competitive environment has gotten more intense recently.

Chinese industrial production rose in May alongside a pickup in several economic indicators, according to official data released by the country's statistics authority on Monday.
The data is the latest sign that the world's second-largest economy is on the road to recovery from the impacts of the coronavirus pandemic.To get more news about China economy news, you can visit shine news official website.
A boost in consumer spending sent home and auto sales higher, the National Bureau of Statistics showed, raising optimism that the economy may emerge stronger from its virus hit.
China's headline jobless rate fell slightly to 5.9% in May, down from April's 6.0% level, in a sign that the economy may have pulled itself together.
Chinese industrial production rose in May alongside a pickup in several economic indicators, according to official data released by the country's statistics authority on Monday - the latest sign that the world's second-largest economy is on the road to recovery from the impacts of the coronavirus pandemic.
China has been battling the consequences of the coronavirus pandemic, but official data shows its factory activity recovered pace in May as restrictions tied to the COVID-19 outbreak were eased.
However, Beijing reported 57 new coronavirus cases on Sunday - its highest number in two months - and officials have reimposed regional lockdown measures in certain areas.

A line of China's top-tier data fell short of analyst expectations despite month-on-month improvements in fixed asset investment, industrial production, and retail sales, according to Connor Campbell, a financial analyst at SpreadEx, who cited an official spokesman Xu Heijan warning that new risks of a sharper outbreak is "very high."
Chinese consumer spending is a crucial measure for the economy and a boost in purchases in May propelled an increase in home and auto sales.
Retail sales rose by 0.8% in the month compared to April, while falling 2.8% compared to the same time last year. By comparison, in April, retail sales slumped 7.5%.
Big ticket items helped drive retail sales up, with auto sales increasing 3.5% compared to the same period in 2019.

India's army says 20 of its troops, including an officer, were killed in clashes with Chinese soldiers — in the first deadly confrontation in decades on the two countries' disputed border.To get more news about China news, you can visit shine news official website.

The fighting, which happened Monday night and was confirmed by Indian officials early Tuesday, follows weeks of scuffles between Indian and Chinese troops stationed on both sides of the border as well as high-level military talks to try to defuse tensions between the nuclear-armed neighbors.

The Indian army says 17 of those soldiers "were critically injured in the line of duty" and after being "exposed to sub-zero temperatures in the high altitude terrain have succumbed to their injuries." It had earlier confirmed that three soldiers had been killed; it has not said how many others might be injured or missing.

The Chinese military has not confirmed any deaths on its side, though it did note there were casualties involved in the "fierce physical conflict between the two sides."

The India-China border is the world's longest unmarked frontier, stretching about 2,500 miles, part of it through rough terrain high in the Himalayas. The two countries fought a border war there in 1962, and engaged in another military standoff in 2017, over Chinese construction of a road on the Doklam plateau, which is also claimed by Indian ally Bhutan. India and China have been trying to settle their border dispute since the early 1990s but with no resolution.
On Tuesday, the Indian army said the confrontation with soldiers of the People's Liberation Army took place the previous night in the Galwan Valley area of India's Ladakh region, which borders China. In August, the Indian government changed Ladakh's status, separating it from the Indian state of Jammu and Kashmir and making it a separate union territory — including a section of terrain that's claimed by China.

"The loss of lives on the Indian side includes an officer and two soldiers," the Indian army said in a statement. "Senior military officials of the two sides are currently meeting at the venue to defuse the situation."

Indian media quoted unnamed military officials as saying the Indian casualties were not shot but that their injuries were from blows from stones and batons.

China accused India of illegal moves and demanded an end to provocations. "On the evening of June 15, in the Galwan Valley region on the Sino-Indian border, the Indian army violated its promise and once again illegally crossed the border control line," Zhang Shuili, a spokesman for the Chinese military's western theater command, said in a statement. "India deliberately launched provocative attacks and triggered fierce physical conflict between the two sides, resulting in casualties.

"We demand that the Indian side strictly restrain the front-line forces, immediately stop all wrongful provocative action, stop going against China and return to the correct track of dialogue and talks to resolve differences."

In recent months, India has been building a strategic road, linked to an airstrip, near its Chinese frontier — which it could potentially use to deploy soldiers more quickly than previously possible. In response, China has poured in more of its own troops, erecting tents and outposts.

In May, Indian officials accused Chinese soldiers of crossing the border at three different points. The alleged incursions triggered shouting matches, stone-throwing and even a rare cross-border fistfight.

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The next round of talks between David Frost and the EU's Michel Barnier take place next week
　　Despite the fear, the misery and the suffocating uncertainty of Covid-19, by now you've no doubt heard on the Brussels-Paris-Berlin-Dublin-Belfast-London grapevine: the post-Brexit trade talks between the EU and the UK are in trouble.To get more news about PGWG, you can visit wikifx news official website.
　　Sure, there's agreement in basic free trade discussions but clashes on key issues remain. On Tuesday, Ireland's Foreign Minister Simon Coveney said the two sides looked like they were heading for a crisis which, from the Irish perspective, was “very, very serious”.
　　So, should we be concerned？
　　Ok, I'm being intentionally provocative. I'm hoping you'll peruse this blog on Brexit even though you're drowning in must-reads on coronavirus. But I certainly don't mean to be flippant.
　　Image copyrightEuropean Commission
　　The fact is: a crisis was always predicted in EU-UK trade talks. They are multi-layered and complicated. The first time ever in trade negotiations that two parties are focused on loosening the ties that bind them (now the UK is no longer an EU member state) rather than creating new and closer bonds.
　　What the two sides want
　　The UK seeks more than a basic economic relationship with the EU, whatever impression some UK politicians may seek to give.
　　For example, the UK government hopes to continue to benefit from EU-wide data sharing arrangements. It wants access to the central intelligence database of the EU's law enforcement agency Europol. Germany is not at all keen on that idea. It says once you've left the club, forget the perks. You can't have your cake and eat it.
The two sides want to work together in research and development, transport, chemical waste, law enforcement and judicial co-operation. Then there's the contentious issue of fish: to what extent EU fishermen will be allowed access UK waters.
　　Here, the UK turns the tables and accuses Brussels of trying the cake-and-eating-it routine. The EU wants to keep the same fishing quotas as when the UK was a member state. And if there's no agreement on fishing, the EU threatens, there'll be no trade deal at all..
The EU is also deeply concerned about possible unfair competition. UK businesses know the EU market well and have great contacts after more than 40 years of membership.
　　Brussels worries that if the UK slashes regulations such as labour, state aid and/or environmental rules in the future, then that will give UK businesses an advantage over European ones in their own single market. So, the EU wants a commitment from the UK to keep in line with its competition regulations long after Brexit. Something the UK says as a sovereign country it cannot and will not do.
　　It points out the EU did not impose similar demands on Canada in their zero-tariff, zero-quota trade deal.
The EU response: Canada doesn't have zero tariffs, zero quotas in all areas such as agriculture. UK farmers presumably wouldn't be thrilled, says Brussels, if they were left out in the cold.
　　Also, EU leaders, such as Germany's Angela Merkel, view the UK as a far bigger threat on their doorstep. Geographically far closer than Canada; trade volumes far higher.

An investor complained against UniversalFX, saying that the broker charged extra “tax fee” before approving his withdrawal application.To get more news about WikiFX, you can visit wikifx news official website.
　　Event recap:
　　One of his friends introduced to him a trader named Michael O Bolton, who worked for UniversalFX. The investor was invited to join a Facebook group, which provided customer service support to customers. The investor bought US$2,720 of BTC at UniversalFX. After a few months, his investment had grown to US$28,500.
　　The investor filed a withdrawal application and was informed by Michael O Bolton that he needed to pay 10% extra tax fee before withdrawing. The investor was wondering why UniversalFX did not deduct it from his account balance, but needed an additional payment, so he asked the UniversalFX whether they can charge it from his account balance. But the trader, Michael O Bolton, rejected the proposal by saying that UniversalFX never allowed such a practice, and the investor was later blocked by Michael from the Facebook group. UniversalFX refused to approve his withdrawal application unless he pay the so-called tax.
　　At the beginning of this article, WikiFX has mentioned that UniversalFX is a suspicious clone broker, which can be seen from the licence below. The broker truly regulated under this license is SUPER PTY. LTD.
　　Per checking WikiFX App, UniversalFX has a poor rating of 0.99, and the broker currently has no valid regulation, bearing great risks. The broker is currently active on large social network such as Telegram and Facebook, please stay away!
Declaration:
　　The article evidence exposed by WikiFX is verified by the following processes:
　　1: Evidence Collection: (Chatting history records, Trading history records, Banking Transaction records and recording videos from victim).
　　2: These evidences will be evaluated and verified by expert who has been work in forex industry for many years.
　　3: The editor will review it again before the article is published.

Recently there has been a massive surge of aspiring traders and investors rushing to open a brokerage account.To get more news about WikiFX, you can visit wikifx news official website.
　　Yes. With crisis comes opportunities, but if youre in a position where you have zero or very little experience in the financial markets, you are literally jumping out of the plane without a parachute.
　　I want to share with you 3 things you need to do before you take the leap of faith so that you dont get burnt by the financial markets.This is the first and most important step that most get-rich-quick traders skip. They want to come out of this a millionaire.
　　This just shows that most people are just ignorant and delusional when it comes to making money in the financial markets.
　　Due to the fact that most people are not willing to put in the patience, they would blow their accounts really fast and get burnt.
　　I‘ve received so many emails from people telling me that they’ve blown their accounts because they never took the time to learn trading properly and because they rushed the whole process.
　　Most people think that they can just quit their jobs and go into full time trading within 1 month. There are even people who think that I encourage people to quit their jobs after watching 1 YouTube video on my channel, which just portrays their complete ignorance.
　　Some people would read about the overnight bitcoin millionaire or options millionaire and envision that they can achieve the same results.
　　The truth about trading is that you just cant watch 10 trading videos and go into trading a live account the next day. Neither can you attend a 2-day workshop and then go into full time trading within 1 month.
　　Just like any other profession, you need to give it some time. The average trader takes 3 years to become profitable, and youre thinking that you can get there within 3 months？!
　　I don‘t care if you attend workshops, watch videos or read books to learn trading, just make sure that you don’t skip this step.
　　I don‘t care who you learn from. Just make sure you learn from a proven mentor rather than someone who just shoves you the get-rich-quick lifestyle. And also, don’t learn from me if you dont like my content or videos. Simple as that.
　　2. Decide whether trading is for you
Being an entrepreneur is not for everyone. Some people are just born to be employees, and thats fine. Same thing with being a trader or investor. It is just not for everyone.
　　If you feel that trading is not for you, you are free to go pursue something else. There are lots of ways to make money nowadays from e-commerce, freelancing, drop-shipping or even starting your own café. Trading is just one of those ways to make money.
　　If you find yourself getting bored from looking at charts and reading trading books, then this might not be suitable for you.
　　If you find yourself being more interested in finding out how to make good coffee than how to trade the EUR/USD, then maybe trading isn‘t’ for you.
　　Can you imagine if Gordan Ramsay decided that he should pursue trading instead of cooking because trading is more profitable？ The thing is, if youre super good at what you do, you can make money from any industry that you pursue.
　　You need to have passion in the financial markets to help you withstand those day where you feel like quitting, because trust me, you will have those days.
　　Passion is the one thing that will get you up in the morning to check the markets even when you feel tired. Passion will keep you going when it gets hard.
　　3. Have a Proven Trading Plan & Strategy
　　Over the years of meeting so many traders, I realized that most traders go into trading without a proper plan. Basically, they gamble the markets without a proper strategy.
　　Without a proper and proven strategy, you are literally setting yourself up for failure. If you have a losing trade today, you wouldnt know exactly why did you lose money. That is a big problem.
　　If you don‘t know the reason why you lost money, you wouldn’t learn from it and hence you would be forever stuck and not progress.
　　Being a random trader will not get you anywhere. Neither is using a strategy that youre not comfortable with using.
　　A lot of traders follow strategies that are given to them by their mentor or after finding out about it in a forum without taking into account their trading personality.
　　And speaking of online forums, they are also where most losers gather. So if you want to be a loser as well, be my guest and join them!
　　Anyway, as I was saying. If you have a trading personality that is suitable for short term trading, then there is no point for you to go out there and buy a trend following trading system that would require you to hold your trades long term. It just doesnt make sense!
　　And yet so many traders are going around asking questions like “What strategy or indicator do you use？”. As if after getting the answer, they will miraculously turn into a millionaire trader, which is complete nonsense.
　　That is like asking Tiger Woods, “What golf set brand do you use？”. This is the kind of ignorant and delusional thinking that cause most traders to lose. They think that trading is all about having the best strategy ever.