Wells Fargo Chief Executive Officer made a reference to the competition in the automotive lending so competitive that loans are being underwritten for over 100% Loan to Value of the car by lenders, but that type of loan is given to customers with credits at 720 or over for most banks. However, the market is so competitive in every sector of automotive lending that no customers will be left out. This includes the subprime customer or credit scores less than 620 (619 is Subprime) is considered subprime even though many lenders will not discuss lending with a customer scoring under 680. On Wednesday, the Justice Department made public of an inquiry into General Motors involvement in questionable auto loans to investors since 2007. ABC's Money Memo reports:![]()
