Earlier this year economists at Equifax published a commentary that boldly asserted "The Subprime Auto Bubble is Fiction, Not Fact."

To support that claim, Equifax compared the growth in auto loans to those it called "nonprime" borrowers with those to consumers who had "prime" and "super-prime" credit scores. The firm found that loan originations to the less creditworthy group grew by 2.4% from 2013 to 2014, while loans to the more creditworthy borrowers swelled by 5.1%.

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