"Late Payment" Narrative Engineering

Another example of Narrative Engineering--this time in a DC rag.

6.6 percent of subprime auto borrowers were over 60 days past due in Jan.

It's the highest level since Fitch Ratings began tracking data in 1994

President Trump's tariffs are likely to drive up car prices even further

This highly misleading "story" was written with the purpose of attacking the tariffs--and it's a "story," alright.

Only after those bullets (and even more BS) do you get to the reality.  Here we go:

 ...Americans are missing their car payments at the highest rate in more than 30 years, data shows.

According to Fitch Ratings, 6.56 percent of subprime auto borrowers were are at least 60 days past due on their loans in January, the most since the agency began collecting the data in 1994....

Subprime borrowers, eh?  They are only about 10% of the car-loan market.

6.5% are 60 days, eh?

Generally, these loans are for more dollars than the value of the car they finance, usually because the borrower traded in a car for which they owed more than THAT one was worth.  Then, they pay 15++% for the loan.

Yet only 6.5% are 60 days past due?

Well, then, Trump is the bad guy, see?