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christianSpaceman
@NurseHolliday
I think it goes beyond that, the volume of debt owed, the amount of exposure, the suggestions are that this could be 2008 levels of financial crisis based on the fact the debts have been resold multiple times much like the sub-prime mortgage debts were.
On top of that, not as much in the UK as in the USA, a car is the 2nd most important factor to maintaining gainful employment. If you lose your car and end up owing the lender money after they repossess, and then you can't get to work, you're pretty much fucked. Next step, your home is gone too.
A flood of cars to the 2nd hand market drags the value down, meaning the lenders can't get rid of them to cover anywhere near the debt, thus potentially causing further knock on effects much like the 2008 crash.