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Subprime Crisis 2.0? Alleged Fraud Triggers Billion-Dollar Auto-Lender Bankruptcy
Posted on 9/18/25 at 3:21 pm
Posted on 9/18/25 at 3:21 pm
"As Bloomberg reports, the details behind the collapse of Tricolor remain uncertain, with federal investigators looking into possible fraud and banks exploring whether the same collateral was pledged to multiple lenders.
In Dallas, the regional bank Triumph Financial Inc. has dispatched teams of employees to used-car lots, where they’re identifying and whisking away to safe locations the vehicles they believe are the collateral to their loans.
In midtown Manhattan, a boutique investment firm that built a position in Tricolor’s asset-backed bonds, Clear Haven Capital Management, has been calling other bondholders, urging them to band together and fight to keep the big banks away from the assets that belong to them.
Those banks, including JPMorgan Chase & Co. and Fifth Third Bancorp, have begun to forensically examine their own collateral to try to ascertain the magnitude of the losses.
This is part of what’s fueling the frantic rush - the sense that many of the details behind the collapse of Tricolor, a provider of high-interest car loans to undocumented workers, remain murky even a week after its bankruptcy filing."
In Dallas, the regional bank Triumph Financial Inc. has dispatched teams of employees to used-car lots, where they’re identifying and whisking away to safe locations the vehicles they believe are the collateral to their loans.
In midtown Manhattan, a boutique investment firm that built a position in Tricolor’s asset-backed bonds, Clear Haven Capital Management, has been calling other bondholders, urging them to band together and fight to keep the big banks away from the assets that belong to them.
Those banks, including JPMorgan Chase & Co. and Fifth Third Bancorp, have begun to forensically examine their own collateral to try to ascertain the magnitude of the losses.
This is part of what’s fueling the frantic rush - the sense that many of the details behind the collapse of Tricolor, a provider of high-interest car loans to undocumented workers, remain murky even a week after its bankruptcy filing."
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Posted on 9/18/25 at 3:24 pm to John Barron
Sub prime for cars? Lol
Posted on 9/18/25 at 3:27 pm to W2NOMO
They cater to Latinos. There's usually the flags of every Central American country on their lots that I drive by occasionally.
Posted on 9/18/25 at 3:28 pm to John Barron
quote:
a provider of high-interest car loans to undocumented workers
And they thought this was a good idea?
Posted on 9/18/25 at 3:28 pm to John Barron
quote:
a provider of high-interest car loans to undocumented workers, remain murky even a week after its bankruptcy filing."
Seems like a risky business. Maybe stop giving overpriced car loans to people who can't afford them.
They are not too big to fail, they seem too dumb to succeed
Posted on 9/18/25 at 3:29 pm to W2NOMO
Alright alright. The canary is chirping.
Posted on 9/18/25 at 3:31 pm to John Barron
quote:
a provider of high-interest car loans to undocumented workers, remain murky even a week after its bankruptcy filing."
Sounds like a risky business model. Probably shouldn't loan money to people that are here illegally and don't have a documented source of income.
Play stupid games, win stupid prizes.
Posted on 9/18/25 at 3:31 pm to AubieinNC2009
They just charge interest rates that would make a fresh private at Fort Benning blush.
Posted on 9/18/25 at 3:33 pm to John Barron
quote:nah
Subprime Crisis 2.0?
Posted on 9/18/25 at 3:34 pm to John Barron
quote:
high-interest car loans to undocumented workers,
I still remember when people lost businesses over even thinking about employing an undocumented worker.
We had half-way built an entire economy around a permanent caste system…
Posted on 9/18/25 at 3:46 pm to John Barron
Most of their buyers were probably deported. Hard to make car payments in Pesos from Mexico.
Posted on 9/18/25 at 3:47 pm to LSUnation78
quote:
permanent caste system
All that's required to break out of it is learn to speak English. We "forced" our live in nanny (legal) to learn English while she was with us, and she's clearing six figures under 30 years old by managing a bunch of espanol only painters working in whitey's houses.
Posted on 9/18/25 at 3:48 pm to John Barron
lol.
What a business model.
What a business model.
Posted on 9/18/25 at 3:59 pm to John Barron
Many of those used cars are collateralized several times. Jose buys it makes a couple of payments and it gets repossessed. Then Juan buys it and repeats. The first loan never got paid off. So now there a $12k 2008 Yukon collateralizing $26k in outstanding loans. Who thought that would ever work with illegals?
Posted on 9/18/25 at 4:15 pm to John Barron
Very interesting. I know the CEO and principal of Triumph here in Dallas
Posted on 9/18/25 at 4:39 pm to Junky
quote:
a provider of high-interest car loans to undocumented workers
And they thought this was a good idea?
They're getting what they fricking deserve, I say.
Posted on 9/18/25 at 5:05 pm to MC5601
I wonder who is buying his paper?
Posted on 9/18/25 at 5:09 pm to Timeoday
Is the canary chirping, or dead?
Posted on 9/18/25 at 5:11 pm to LemmyLives
quote:
They cater to Latinos. There's usually the flags of every Central American country on their lots that I drive by occasionally.
That definitely hurts when you are giving massive amounts of loans to illegal immigrants, but committing financial fraud doesn’t help either.
Posted on 9/18/25 at 5:12 pm to John Barron
"he wasn't supposed to win", then he "wasn't supposed to survive", then before all that, "it was her turn". All corporate America had turned the corner getting ready for the new economy that would crush middle America and lift up the illegals replacing Americans. They hit a speed bump in the road.
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