Subprime auto delinquencies near GFC level but collateral 'very different'
![Cars, trucks and motorhomes lined up at Picton docks, waiting for the Wellington ferry.](https://assets.euromoneydigital.com/dims4/default/712704c/2147483647/strip/true/crop/5616x3744+0+0/resize/840x560!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2F3c%2Fd9%2F0f7043cc4123bcad1632464056c9%2Fd0djh6.jpg)
Headline numbers look higher than 2009, largely reflecting riskier borrower profiles
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